$97 million boost for Forest Hills luxury living: The Yellowstone

A $97 million refinancing was secured for The Yellowstone in Forest Hills.
Rendering courtesy of Aufgang Architects

The real estate organization Slate Properties Group, in partnership with Grobman Gross Properties, announced a $97 million refinancing for a recently completed 166-unit luxury apartment building in Forest Hills.

The Yellowstone, located at 69-65 Yellowstone Blvd., will be using these funds to retire existing debt, cover closing costs and fund an interest reserve. Slate Properties Group and Grobman Gross Properties were able to secure the refinancing package from the real estate management organization Apollo Global Real Estate Management L.P.

“This recently constructed, well-capitalized luxury project boasts modern layouts, premier finishes and in-demand amenities, all while being situated in a vibrant neighborhood with easy accessibility to Manhattan,” Slate Property Group Founding Principal Martin Nussbaum said. “We are grateful to the team at Apollo for recognizing and acting on the rare opportunity that The Yellowstone presents.”

“We’re proud to be partnering with Slate on this project and to be bringing these much-needed high-quality homes to New Yorkers,” Grobman Gross Properties Principal and Manager Richard Grobman said. “It’s a testament to the work we’re doing that Apollo shares our confidence in the value of the project.”

Designed by Aufgang Architects, The Yellowstone’s units feature Bosch stainless steel appliances, black granite kitchen countertops and backsplash, oak flooring, a washer and dryer and oversized windows. Select units have a private outdoor space. Amenities of the building include a fully equipped indoor fitness center, a community lounge with TV area and coworking space and a landscaped outdoor amenity terrace with a game area and multiple lounges. There is also parking and bike storage for residents.

“This state-of-the-art luxury development has been in the works for more than a decade, and it’s thrilling to watch it come together and receive backing from a top firm like Apollo,” Grobman Gross Properties Principal and Manager Ira Gross said.

Located at the corner of Queens Boulevard and Yellowstone Boulevard, The Yellowstone is located in one of New York City’s most desirable residential neighborhoods. It is situated close to Austin Street’s destination restaurants, boutiques and shopping. There is nearby convenient access to four subway lines, as well as the Forest Hills Long Island Railroad station.

The 182,000-square-foot development hosts 48,964 square feet of convenient ground-floor retail. This is completely occupied and anchored by a Trader Joe’s supermarket that opened last November.

“We’re proud that Apollo recognizes the value and experience our vertical integration brings to this transaction,” Slate Property Group Founding Principal David Schwartz said. “When selecting a team to work with, we know that our experience and track record are as pivotal as our product.”