A new luxury condo in Long Island City is moving forward following funds obtained by its developers.
The Nova, which will be located at 41-05 29th St., will be a 24-story building and will feature 86 units in total and ground-floor retail across 95,000 square feet.
SCALE Lending, the lending affiliate of Slate Property Group, announced it secured a $55 million construction loan on May 13 in order to complete the development.
Martin Nussbaum, co-founder and principal of Slate Property Group, said they’ve been very active in the western Queens neighborhood in the past five years.
He says Long Island City, which is undergoing rapid development, has maintained a “strong demand” throughout the COVID-19 pandemic and have even seen “an increase in activity recently” in the rental and condo markets.
“With our confidence in SB Development’s experience and their business plan for the site, we were able to work quickly with them to close on this loan,” Nussbaum said.
The Nova is being developed by SB Development, which has several properties in the neighborhood, and 1 Oak Construction.
Joseph Stern, principal of SB Development, said it was a “pleasure” working with the team at SCALE.
“We’re very excited and fortunate to move forward with developing this architectural beacon for the neighborhood and grateful to be in a position that allows us to contribute to the rebirth of this great city that we love,” Stern said.
The Nova is set to be completed in June 2022.