A total of $70 million in construction financing has been secured to assist in the development of an 8-story mixed-use building with 113 condominiums at 11-33 44th Dr. in Long Island City.
In addition to the 113 housing units, the building, which will span 74,728 square feet, will also include ground-floor retail space and 23 parking spots.
The financing was provided to Terra Developers by Maxim Capital Group. The transaction was arranged by Newmark.
Based on current renderings, the building will feature a straightforward massing with a setback on the eighth floor. It will be topped out with a landscaped terrace. There will be a beige facade, which will be surrounded by a grid of large windows and recessed glass doors that lead to balconies. Dark metal paneling will cover the ground floor, with floor-to-ceiling glass on the front for the retailers. Two bulkheads will also be on the top of the structure.
Multiple outlets of mass transportation are within close proximity to the property. This includes the Court Square-23rd Street subway station, which provides service for the E and F trains, the Court Square subway station, which provides service for the G train, and bus stops for the Q66,Q67, Q69, Q101, Q103 and B32 lines.
The 180,000-square-foot property, which is currently occupied by a surface-level parking lot, was acquired by Terra Developers from ZHL Group for $27.6 million in 2024.
The new building is expected to be completed in March 2027.
