New York Community Bank provides $56m on LIC development

The developer filed city applications to build a nine-story, 169-unit mixed-use building measuring roughly 112,300 sq ft at the vacant lot at 11-55 49th Avenue, in Long Island City.

New York Community Bank has provided a $56 million financing for a development project in the Long Island City neighborhood of Queens, New York.

Long Island City, Queens, New York City
Long Island City, Queens, New York City

The borrower is an affiliate of the Criterion Group, managed by real estate developer Shibber Khan, which purchased the lot from Calamaras Realty Corporation in October 2014 for $13.5 million.

The developer reportedly filed city applications to build a nine-story, 169-unit mixed-use building measuring roughly 112,300 sq ft at the currently vacant lot at 11-55 49th Avenue.

The rapidly gentrifying, traditionally industrial neighborhood of Long Island City is becoming one of the most desirable real estate markets in the city’s outer boroughs, attracting some of the industry’s top lenders.

Earlier this month, Blackstone Mortgage provided a $160 million financing on a one million sq ft office and retail property in the Long Island City, while TPG Capital provided a $57.1 million financing on the acquisition of a 112,000 sq ft storage building also in the neighborhood the month prior.

New York Community Bank is an active lender in the other boroughs as well. Last month, the bank provided a $128 million acquisition loan on the 656-unit Devonshire Hills multifamily property in Long Island, while the previous month the bank provided a $105 million mortgage for the purchase a 38-building multifamily portfolio in the Bronx.

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