Werwaiss wrangles $131M for LIC mixed-use tower

Family firm plans 240-unit high-rise 

Werwaiss Properties' John Werwaiss and a rendering of 23-10 42nd Road in Long Island City (Getty, Werwaiss Properties)
Werwaiss Properties' John Werwaiss and a rendering of 23-10 42nd Road in Long Island City (Getty, Werwaiss Properties)

Werwaiss Properties scored a $131 million construction loan for its latest residential tower in Long Island City.

PCCP and Corebridge Financial (formerly AIG) provided the financing for the project at 23-10 42nd Road in the Queens neighborhood, Walker & Dunlop announced. Foundation work on the 35-story property finished in the fall.

Werwaiss filed plans for the development two years ago. The project will include 240 apartments — split between one- and two-bedroom units — a fitness center, a residents’ lounge, a sky lounge and amenity terraces.

The family-owned real estate firm’s plans for the 230,000-square-foot building also include about 10,000 square feet of commercial space. Construction is scheduled to be completed in the summer of 2025.

A Walker & Dunlop team led by Jonathan Schwartz and Aaron Appel arranged the financing. 

The loan comes amid a difficult environment for commercial real estate lending, which has been chilled by rising interest rates over the past year. 

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Werwaiss, which is based in Long Island City, has owned the property since 1974.

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The family firm is also developing 27-10 44th Drive in Long Island City. It filed plans for the 20-story, 118,000-square-foot mixed-use project in April 2020. The luxury project includes 157 units and 10,000 square feet of commercial space.

In 2021, Werwaiss secured $55.6 million in construction loans from JPMorgan Chase, allowing the developer to move forward with the stalled project.