QLIC, a 21-story residential tower with 421 housing units at 41-42 24th St. in Long Island City, has received a $160.25 million refinancing package from the global investment firm KKR.
The refinancing loan is intended to provide QLIC, a stabilized asset, with a flexible capital solution. The loan was arranged with Christopher Peck, Lauren Kaufman and Michael Shmuely of JLL Capital Markets on behalf of the owners of QLIC, World Wide Group and Rabina.
Each unit in the building features washers, dryers, dishwashers, stainless steel kitchen appliances, custom Italian kitchens with grey ash, white cabinetry and white quartz countertops, a hi-gloss porcelain kitchen backsplash, white oak hardwood floors, oversized closets, Gigabit Ethernet and USB outlets and custom Italian bath cabinetry. Select units also have balconies.
The 421 apartments at QLIC include 55 studios, 297 one-bedroom units, 53 two-bedroom units and 16 three-bedroom units.
In addition to the housing units, other features of QLIC are 7,987 square feet of retail space and 28,000 square feet of amenities, including a rooftop pool with cabanas, a landscaped courtyard, a fitness center, a media lounge, co-working spaces and on-site parking.
The property is located just minutes away from Midtown Manhattan. Multiple subway stations are within five blocks of the property, including the Queensboro Plaza station, which provides service for the 7, N and W trains, the Queens Plaza station, which provides service for the E, F and R trains, and the 21st Street-Queensbridge station, which provides service for the F and M trains. The East River Ferry is also within close proximity to the property. Additionally, there are bus stops in the area for the Q32, Q39, Q60, Q63, Q66, Q69, Q100, Q101, Q102, Q103 and B62 lines.
The residential tower opened in 2015 after being developed by World Wide Group and Rabina, under the 421a tax abatement program.
