Cape Advisors files plans for massive residential Astoria project

Development will span about 640K sf with 710 apartments overall

TRD New York /
Oct.October 09, 2018 02:30 PM

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.


Related Articles

arrow_forward_ios
From left: Donald Trump (pictured in the 1980s), Steve Ross, Charles Kushner, Harry Macklowe with (inset) Hiten Samtani and Charles Bagli (Getty, Sasha Maslov)

Scoundrels of the skyline: Charles Bagli on the most colorful characters in the real estate biz

Scoundrels of the skyline: Charles Bagli on the most colorful characters in the real estate biz
200 Water Street and 31 Prospect Park West (Google Maps)

Brooklyn’s luxury deal totals rise for 3rd straight week

Brooklyn’s luxury deal totals rise for 3rd straight week
Metro areas with less affordable housing drive high-income buyers to eye homes in lower-income neighborhoods at disproportionate rates (iStock)

TRD Insights: Gentrification happening fastest in least affordable cities

TRD Insights: Gentrification happening fastest in least affordable cities
Gov. Andrew Cuomo has given the go-ahead to reopen schools for in-person learning statewide (Getty; iStock)

School’s back on. Will the NYC resi market follow suit?

School’s back on. Will the NYC resi market follow suit?
New York’s real estate market is becoming two different stories: Manhattan, where deals are falling — and the suburbs, where demand is spiking. (iStock, Unsplash)

Manhattan is cold, the suburbs and Brooklyn are hot: Here’s what the resi market looked like in July

Manhattan is cold, the suburbs and Brooklyn are hot: Here’s what the resi market looked like in July
Home sale price declines are expected for July, after a recent bump, according to a CoreLogic report. (iStock)

Home sale prices got a bump, but a drop is coming: Report

Home sale prices got a bump, but a drop is coming: Report
(Images courtesy of Victor Group)

The Getty condo chops prices up to 53%

The Getty condo chops prices up to 53%
442 Union Street and 257 Berry Street (Google Maps)

Brooklyn’s luxury market reaches new pandemic high

Brooklyn’s luxury market reaches new pandemic high
arrow_forward_ios

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

Loading...