A $125 million loan has been provided by Naftali Credit Partners and Madison Realty Capital to RJ Capital Holdings for the development of a 13-story condominium with 241 housing units at 70-28 Grand Central Pkwy. in Forest Hills.
The planned residential building, designed by SLCE Architects, will span 252,399 square feet. The 241 condos will range in size from studios to three-bedroom units.
Some of the planned amenities available to residents include a pool terrace, a rooftop cabana and a fitness center. Another notable planned feature at the property is a parking garage capable of fitting 100 vehicles, with the entrance located at the southern corner of the building.
A senior loan from Madison Realty Capital and a mezzanine loan from Naftali Credit Partners account for the $125 million being provided for this project. This loan will go towards refinancing existing debt, as well as developing the site, including funding hard, soft and carry costs through the project’s completion of construction.
RJ Capital Holdings, along with SYU Properties, acquired the 32,000-square-foot site at 70-28 Grand Central Pkwy. for $31.7 million in 2021. Construction of the residential condominium is expected to be completed in the third quarter of 2027.
The nearest subway station to 70-28 Grand Central Pkwy. is the 75th Avenue station, which provides service for the E and F trains. There are also bus stops in the area for the Q60, Q64, Q74, QM4, QM11, QM18 and QM44 lines. Other notable nearby features include the Forest Hills Library and the Willow Lake Playground.
