Rego Park apartment project lands $125M construction loan
RB Realty Capital plans to build 186 units on Queens Boulevard
A large new apartment building is moving forward in Rego Park.
RB Realty Capital landed a $125 million construction loan from Madison Realty Capital for its 186-unit multifamily project in central Queens.
The 22-story building at 98-08 Queens Boulevard will include 155 rentals and 31 condominiums.
“Rego Park is a rapidly expanding neighborhood with exciting new retail developments, yet newly built, high-quality living options have not kept pace with growing demand,” Madison Realty Capital’s Josh Zegen said in a statement.
The 330,000-square-foot building will include nearly 95,000 square feet of retail and community facility space. RB Realty has agreed to set aside 30 percent of the apartments as income-restricted units under the Affordable New York Program.
The developer, headed by Avi Matatov, paid $12 million in 2018 to purchase the development site, which stretches 400 feet along the busy boulevard. It’s a short walk to the E, M, R subway station at 67th Avenue.
Rego Park is a middle-class neighborhood deep in the heart of central Queens — not quite gentrified the same way as areas in the western part of the borough like Astoria, Long Island City and Sunnyside.
RB Realty’s project will be one of the tallest buildings in the neighborhood, but it may soon have some competition.
Vornado Realty Trust recently filed plans to build a 32-story apartment tower a few blocks away on the parking lot across the street from its Rego Center Mall.
Plans call for 537 residential units and 61,000 square feet of commercial space across the 824,000-square-foot building.
The building is set to rise near the 27-story, 312-unit Alexander apartment tower, which Vornado developed in 2015.