Durst Organization lands $360M financing for Queens Plaza Park tower

M&T provided the loans for the 978K-sf project

New York /
Dec.December 21, 2018 12:35 PM

From left: Rendering of Queens Plaza Park, the Long Island City Clock Tower and Douglas Durst (Credit: The Durst Organization, Google Maps and Getty Images)

The Durst Organization secured $360 million in financing for what is expected to be one of Queens’ tallest towers.

M&T Bank provided three loans for the developer’s Queens Plaza Park, according to city filings: a $220 million building loan, a refinanced $90 million acquisition loan and a $50 million project loan.

Durst and M&T Bank did not immediately respond to requests for comment.

Queens Plaza Park, located at 29-37 41st Avenue near the landmarked Long Island City Clock Tower, will be a 978,000-square-foot mixed-use tower. It will have 958 residential units, 300 of which will be affordable.

Handel Architects is designing the project — its latest renderings reveal a concave, glassy exterior — and Selldorf Architects is designing its interior, lobby and amenities.

While the new tower will rise 710 feet, another project in the borough will eclipse that height. Chris Xu’s record-breaking Skyline Tower condominium will stand at 778 feet.

Kevin Maloney’s Property Markets Group sold the property to Durst for about $175 million in 2016.


Related Articles

arrow_forward_ios
With a cooling trade war, stocks perform well, including real estate. (Credit: iStock)

Real estate stocks push up this week as U.S.-China trade tensions ease

Real estate stocks push up this week as U.S.-China trade tensions ease
416 West 25th Street and Maverick Real Estate Partners principal David Aviram (Credit: Google Maps and LinkedIn)

Chelsea landlord claims “predatory” lender is charging a crippling interest rate as punishment after losing foreclosure case

Chelsea landlord claims “predatory” lender is charging a crippling interest rate as punishment after losing foreclosure case
Fabric co-founder, CEO Elram Goren (Getty, Elram Goren via LinkedIn)

Startup wants to bring “micro-warehouses” to vacant retail

Startup wants to bring “micro-warehouses” to vacant retail
Security around Trump Tower to be reduced after 45th POTUS leaves office. (Getty, The Trump Organization)

Fifth Avenue will look different after Trump leaves office

Fifth Avenue will look different after Trump leaves office
(Getty, iStock)

Booster shot: NYC real estate sees salvation in vaccine

Booster shot: NYC real estate sees salvation in vaccine
Before the pandemic, national tenants paid 94 percent of rent. (Getty)

Retail rent collections rebound to 90%

Retail rent collections rebound to 90%
Cindat Capital Management CEO Greg Peng and Hersha Hospitality Trust CEO Jay Shah with 51 Nassau Street (Google Maps)

7 Manhattan hotels head to auction block

7 Manhattan hotels head to auction block
As companies leave Silicon Valley, Austin, Texas is becoming a top destination. (Getty)

Silicon Valley exodus: Where’d everyone go?

Silicon Valley exodus: Where’d everyone go?
arrow_forward_ios

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

Loading...