The future development at 41-08 Crescent St. in Long Island City. Rendering courtesy of Dan Ionescu Architects.
Dec. 10, 2024 By Ethan Marshall
The real estate developer Slate Property Group announced that it has partnered with White Oak Real Estate Capital to provide a $70 million construction loan to Watermark Capital Group for the development of a 26-story, 184-unit multifamily building at 41-08 Crescent St. in Long Island City.
Watermark Capital Group, the developer of this project, will use the loan funds to complete the final stages of construction and lease the building.
This floating rate loan, which was deployed in the middle of construction, covers 20 months of work. It was arranged by the loan agency Skyline Capital Group. Throughout the remainder of the development’s construction, Watermark Capital Group will be self-performing through an affiliate entity, WMCM LLC. The project is expected to be completed in Spring 2026.
“Northwest Queens’ growing residential neighborhoods are desperate for more high-quality housing such as 41-08 Crescent,” Slate Property Group Managing Director Daniel Ridloff said. “Watermark Capital Group has a stellar development track record in New York City, and Slate is thrilled to add to the $250 million in financing we’ve deployed over the past six months to help this much-needed multifamily project over the finish line. We continue to be a reliable capital solution to strong developers during these challenging times in the financial markets.”
The 184 residential units at this future development are meant to provide much-needed housing in Long Island City, which has emerged as an attractive destination in the real estate market due largely to its proximity to Manhattan. It will help reduce the high premium for available housing in this Queens neighborhood.
The future development has already been vested into the Affordable NY 421a program, with approximately 129 of the units having been designated as affordable. When completed, the development will span 192,000 square feet, with the 184 units ranging in size from studios to three bedrooms.
Select units will have private outdoor terraces. Other features of the development will include a parking area with 41 spaces, 9,000 square feet of retail space for the base of the building, and amenity spaces.
Located close to the East River waterfront, this development will provide residents with easy access to and from Manhattan through various convenient mass transportation options. The Queensboro Plaza subway station, which services the 7, N, and W lines, is just steps away from 41-08 Crescent St. Additionally, the Queens Plaza subway station, which services the E, M, and R trains, is also situated nearby.
Queensbridge Park is within walking distance of 41-08 Crescent St., providing future residents of the development with convenient access to explore the park. The neighborhood also features plenty of restaurants and hospitality options.
“We are excited to partner with Slate on financing this high-quality project and look forward to the successful completion of Watermark’s latest addition to the New York City rental market,” White Oak Real Estate Managing Principal Eric Tanjeloff said.
Slate Property Group had previously financed two adjacent projects at 26-01 4th St. and 26-25 4th St. in neighboring Astoria. Additionally, a bridge loan of $60.25 million was issued to Ming’s Garden Realty earlier in 2024 to complete construction of 26-01 4th St.. The financing provided for 26-25 4th St. was paid off in the third quarter of 2023.
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