Long Island City will soon be the home to Queens’ tallest tower to date.
On July 9, the developers of 23-14 44th Dr. secured a $502 million loan from JP Morgan, which was brokered by the New York City-based company Meridian Capital Group.
The loan is the largest loan ever for the borough and one of the largest for the city, according to Modern Spaces, which is exclusively handle marketing and sales for the project.
Chris Xu of United Construction and Development is the lead developer on the project, and is collaborating with partners Henry Yeung, Brian Pun of FSA Capital and Risland U.S. Holdings LLC.
The firm responsible for the building’s design is Hill West Architects, which has designed a number of iconic buildings in Manhattan, Brooklyn and the Bronx. The architecture firm’s design arm, Whitehall Interiors, will be responsible for the building’s interior design.
Once the project is completed, the 802-unit luxury condominium is slated to rise 67 stories, making the project the tallest outside of Manhattan. The apartments will sit atop ground-floor retail, according to Modern Spaces.
For more information on the project, contact Modern Spaces through their website.
On July 16, Assemblywoman Catherine Nolan addressed a letter to Mayor Bill de Blasio, in which she highlighted her concerns about the “inadequacy of the current zoning in Long Island City.”
“I have written numerous letters opposing such large towers and asked for changes in zoning. I understand that the LIC Core Neighborhood Planning Study is again on hold, while we see new tower after tower being proposed and built in LIC ‘as of right,’ said the assemblywoman.
“Worse, the City has recently embarked on various efforts to increase the size and volume of buildings further by trading City owned land or air rights to further boost size and height,” she continued. “The proposal which was voted down by Community Board Two at 27-01 and 26-32 Jackson Avenue is the latest example. LIC is facing an emergency situation. Therefore, I ask for a moratorium on any new Buildings Department permits for new construction in Long Island City until the city can present a plan for properly increasing the infrastructure,” said Nolan.
Mayor de Blasio’s office could not be reached for comment at this time.
Updated at 3:52 p.m. to reflect the comments from Assemblywoman Catherine Nolan.