A $70 million construction loan has been granted for 41-08 Crescent Street, a remarkable 26-story residential structure currently under construction in Long Island City, Queens. This project, designed by Dan Ionescu Architects and developed by Watermark Capital Group, is set to become a significant addition to the local skyline. With a total area of 192,000 square feet, it will house 184 units ranging from studios to three-bedroom layouts. An impressive 70 percent of the inventory is dedicated to affordable housing under the Affordable NY 421a program, ensuring that a significant portion of the units will be accessible to those in need. Additionally, there will be 9,000 square feet of ground-floor retail space and a 41-vehicle parking lot, providing convenience and amenities for both residents and visitors.

Key Features and Benefits

The Building's Design

The main rendering of the building showcases its unique architecture. It rises from a U-shaped podium made of gray brick and adorned with floor-to-ceiling windows. After a setback, the main tower along 41st Avenue features an even rectangular massing with floor-to-ceiling windows and light-colored paneling. Balconies lined with glass and dark metal railings protrude from the northern and eastern faces, adding a touch of elegance. Two mechanical bulkheads sit atop the flat roof parapet, completing the overall aesthetic.This design not only enhances the visual appeal of the building but also maximizes natural light and ventilation, creating a comfortable living environment for the residents. The use of gray brick and light-colored paneling gives the building a modern and sophisticated look, while the floor-to-ceiling windows provide stunning views of the surrounding area.

Location and Accessibility

Located near the East River waterfront, 41-08 Crescent Street offers excellent connectivity. Residents can easily access Manhattan via the 7, N, and W subway lines at the Queensboro Plaza station and the E, M, and R trains at the Queens Plaza station. This makes commuting to the city a breeze and allows residents to enjoy the best of both worlds - the tranquility of Long Island City and the excitement of Manhattan.In addition, the building is within walking distance of Queensbridge Park, providing residents with a beautiful green space to relax and enjoy. Whether it's taking a stroll in the park or having a picnic with family and friends, residents will have access to nature right at their doorstep.

Affordable Housing and Community Impact

The commitment to providing 70 percent affordable housing under the Affordable NY 421a program is a significant aspect of this project. By making housing more accessible to a wider range of people, it helps to create a more inclusive and diverse community. This not only benefits the residents but also has a positive impact on the local economy and society as a whole.The development is replacing a former surface-level parking lot, which helps to optimize the use of land and reduce urban sprawl. By building a multi-purpose residential and retail complex, it adds value to the area and contributes to the growth and development of Long Island City.The Slate Property Group and White Oak Real Estate Capital's decision to provide the loan for the final stages of construction and lease-up is a testament to their confidence in the project. With their expertise and financial support, the project is on track to become a success and provide much-needed housing in Northwest Queens.