CBSK Ironstate and its development partner, Argentina-based Planet Partners, has secured $83.9 million to build a luxury condo in Long Island City.
Los Angeles-based Canyon Partners Real Estate provided $21.1 million of preferred equity to fund the construction.
CBSK Ironstate also secured a $61.8 million senior construction loan, which was arranged by Adi Chugh of Maverick Capital Partners. Canyon has a history of investing in the New York City area, having committed over $600 million in 21 investments through senior loans, mezzanine loans, preferred equity and common equity since 2005. This transaction represents Canyon’s eighth investment with CBSK Ironstate.
“This development will bring an attractively-priced for-sale product to help meet the high demand for condominiums in Long Island City, a hub of commerce and creativity,” said Scott Shnay, CBSK Ironstate Principal.
“Having previously worked with Canyon on numerous successful projects, we are excited for the opportunity to bring this established team back together.”
The development is located at 21-30 44th Drive, in the heart of Long Island City’s Court Square neighborhood. Several nearby projects are currently under construction or in the planning stage, including the five-building Gotham Center, the Cornell Tech campus, and a number of rental apartment buildings.
The eight-story building will feature 85 residential units, with each unit averaging approximately 1,000 s/f. Interior features will include wood flooring, marble kitchen countertops, high-end appliances including in-unit washers and dryers, and central air conditioning. Select units will have private outdoor space and views of Manhattan.
The property offers 20 parking spaces, 22 storage lockers and eight rooftop cabanas. Common area amenities include a 24-hour attended lobby, mail and package room, stroller parking, a pet wash station, bike storage, fitness center, children’s playroom, residents’ lounge, a viewing courtyard landscaped with a Zen garden and a landscaped common roof terrace with a bocce ball court.
The project also includes approximately 16,000 s/f of retail space located on the ground and lower levels.