The Real Deal New York

Cape Advisors files plans for massive residential Astoria project

Development will span about 640K sf with 710 apartments overall
By Eddie Small | October 09, 2018 02:30PM

The site at 11-28 30th Drive in Queens (Credit: Google Maps)

UPDATED, 5:52 p.m. Oct. 10: Cape Advisors has started to file plans for its massive residential project on the Astoria waterfront.

The company pre-filed plans with the Department of Buildings on Friday for buildings at 11-28 and 11-12 30th Drive, also known as 30-77 Vernon Boulevard. The one at 11-28 30th Drive will span about 174,000 square feet with 266 residential units, while the one at 11-12 30th Drive will span about 200,000 square feet with 275 residential units. Both buildings will stand nine stories tall, and the one at 11-12 30th Drive will include 500 square feet of commercial space.

On Tuesday, the company pre-filed plans for a third nine-story building at 11-37 31st Avenue with 168 units across about 110,000 square feet, bringing the project’s total current size to 709 units across about 484,000 square feet.

The project should ultimately span about 650,000 square feet overall. All units will be rentals, and about 30 percent will be affordable, according to Cape Advisors.

The firm bought the waterfront site from Shibber Khan’s Criterion Group for $85 million. Criterion had been planning to build a 711-unit residential project on the site.

Cape Advisors landed a $65 million loan to fund their purchase of the site from Mack Real Estate Credit Strategies this spring. The firm also snagged a $52 million loan from Bank of the Ozarks last September for its 23-unit condo project at 65 West Broadway in Tribeca.

This story was updated to include information about the building at 11-37 31st Avenue.