Criterion secures $53M for LIC rental project

The building will rise 12 stories and have 194 units

New York /
May.May 27, 2016 05:42 PM

Shibber Khan’s Criterion Group scored a $53 million construction loan to build a 12-story rental property in Long Island City.

New York Community Bank issued the loans for a project planned at 11-55 49th Avenue, property records filed on Friday show. Criterion and development partner Maddd Equities plan to build a 194-unit building on the former parking lot site.

Property records show that Long Island City-based Criterion bought the property in 2014 for $13.5 million. Plans revealed in 2014 called for only 140 apartments, 28 of which were slated to be affordable. The latest plans, which were approved in June 2015, call for 131,342 square feet of residential space and 512 square feet for commercial. The first floor of the building will have some sort of indoor recreational space, but it’s not clear if any space is being set aside for retail as earlier plans had indicated.

Representatives for Criterion and Jorge Madruga’s Maddd could not immediately be reached for comment on Friday.

Criterion filed plans last August for a 569-unit rental building in Astoria, where the developer planned to expand an existing one-story commercial building. In September, Madd filed plans for a community center on the Upper East Side.


Related Articles

arrow_forward_ios
One Court Square in Long Island City QNS and Savanna managing director Brian Reiver (Wikipedia, Loopnet, Getty))
Savanna’s LIC office tower nabs big tenant
Savanna’s LIC office tower nabs big tenant
A photo illustration of Tishman Speyer CEO Rob Speyer and 28-10 Jackson Avenue in Long Island City (Getty Images, Tishman Speyer, Google Maps)
LIC tenant claims Tishman Speyer violated rent stabilization
LIC tenant claims Tishman Speyer violated rent stabilization
Carmel Partners' Ron Zeff and a rendering of the LIC project (Getty Images, Carmel Partners, Privcap)
Carmel Partners nabs $364M loan for Queens development
Carmel Partners nabs $364M loan for Queens development
Chris Jiashu Xu and the Skyline Tower (Photo Illustration by Steven Dilakian for The Real Deal with Getty Images, Jim.henderson, CC BY-SA 4.0 - via Wikimedia Commons)
Skyline’s $1B slog: The quest to sell out Queens’ tallest building
Skyline’s $1B slog: The quest to sell out Queens’ tallest building
From left: Century Development's Group’s George Xu and City/Rybak Development’s Sergey Rybak with 78-29 Austin St./11-36 45 Road
Rybak, Century file to build Queens multifamily projects
Rybak, Century file to build Queens multifamily projects
Tavros Capital’s Nicholas Silvers and Charney Companies’ Sam Charney in front of 24-05 thru 24-19 Jackson Avenue in Long Island City (Getty Images, Tavros Capital, Charney Companies, Google Maps)
Tavros, Charney plan 55-story rental on long-stalled site
Tavros, Charney plan 55-story rental on long-stalled site
IPG's Andrew Chung with rendering 23-30 Borden Avenue (Innovo Property Group)
Andrew Chung lands major refi for LIC last-mile project
Andrew Chung lands major refi for LIC last-mile project
Knickpoint Ventures' Matthew Sprayregen with 160 John Street and 37-19 Crescent Street (Knickpoint Ventures, Google Maps)
Sprayregen son sells self-storage for $56M payday
Sprayregen son sells self-storage for $56M payday
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...