The Real Deal New York

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

M&T provided the loans for the 978K-sf project
By Mary Diduch | December 21, 2018 12:35PM

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.