I'm still ready to see a proper rendering of these towers.
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“Office buildings are our factories – whether for tech, creative or traditional industries we must continue to grow our modern factories to create new jobs,” said United States Senator Chuck Schumer.
Tishman Speyer Lands $640M Construction Loan for LIC Residential Towers
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Bank of America Merrill Lynch and Wells Fargo are providing Tishman Speyer and its joint venture partners with a $640 million construction loan on the developers’ three-tower luxury residential project in Long Island City, Commercial Observer can first report. The deal closed this Monday.
While Bank of America is acting as the administrative agent on the financing, the two lenders are each funding one half of the loan, a source familiar with the transaction said on the condition of anonymity. Representatives for the two banks declined to comment.
Tishman Speyer, in partnership with Toronto-based H&R Real Estate Investment Trust and a third unidentified investor, is developing the 1.2-million-square-foot, 1,789-unit rental complex on a parcel of land bound by Queens Boulevard, Jackson Avenue, Orchard Street and the Sunnyside Yards. The development will contain 15,500 square feet of retail space.
Development costs for the residential project are expected to total $875 million, including the land acquisition costs, and H&R is partaking in the project as a 50 percent joint venture partner with Tishman Speyer.
The first tower at 28-02 Jackson Avenue will stand at 44 stories with 683 units; the second tower at 28-30 Jackson Avenue will stand at 53 stories with 658 units; and the third tower at 30-02 Queens Boulevard will stand at 33 stories with 448 units. The three buildings are all under construction and slated for completion in 2018.
Tishman Speyer’s Long Island City project begins to rise
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We last stopped by Tishman Speyer’s Long Island City project at 28-34 Jackson Avenue, 28-10 Jackson Avenue and 30-02 Queens Boulevard back in July, when foundation work had just started.1 As you can see in the photos below, foundation work is progressing quickly, with rebar now sprouting from the ground. By 2018, there will be three large residential builds with ground floor retail.2 Still, it hasn’t been all smooth sailing on the site, with a firing breaking out last week.3
Here are more details of the project from Queens Brownstoner:4
The project includes three towers: 28-34 Jackson Avenue, holding 658 units and 6,000 square feet of retail space, 28-10 Jackson Avenue, with 683 units and 3,000 square feet of retail space, and 30-02 Queens Boulevard, with 448 apartments and 6,500 square feet of retail. (1,789 apartments and 1.2 million square feet of new development in total!)
Proposed
Structural Occupancy Category: II - OTHER THAN I, III OR IV
Seismic Design Category: CATEGORY B
2014/2008 Code Designations?
Occupancy Classification: R-2 - RESIDENTIAL: APARTMENT HOUSES Yes No
Construction Classification: I-B: 2 HOUR PROTECTED - NON-COMBUST Yes No
Multiple Dwelling Classification: HAEA
Building Height (ft.): 374
Building Stories: 33
Dwelling Units: 448
Tishman Speyer’s Long Island City project rises over fence
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The project includes three towers: 28-34 Jackson Avenue, holding 658 units and 6,000 square feet of retail space, 28-10 Jackson Avenue, with 683 units and 3,000 square feet of retail space, and 30-02 Queens Boulevard, with 448 apartments and 6,500 square feet of retail. (1,789 apartments and 1.2 million square feet of new development in total!)
Tishman seeks tax incentives for $700M LIC office project Developer looking for $65M worth of benefits for 1.1M sf development
[CO] – Rich Bockmann
April 27, 2016
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Tishman Speyer is pursuing $65 million worth of tax benefits for its 1.1 million-square-foot office development in Long Island City, which will cost more than $700 million.
The developer applied for $56.6 million worth of benefits under the city’s Industrial and Commercial Abatement Program, which exempts commercial projects in certain parts of the city from increased taxes resulting from renovating or building new projects, the Commercial Observer reported.
Tishman is also seeking another $8.3 million in benefits from the New York City Industrial Development Agency, the site reported.
The project includes three towers: 28-34 Jackson Avenue, holding 658 units and 6,000 square feet of retail space, 28-10 Jackson Avenue, with 683 units and 3,000 square feet of retail space, and 30-02 Queens Boulevard, with 448 apartments and 6,500 square feet of retail. (1,789 apartments and 1.2 million square feet of new development in total!)
“Office buildings are our factories – whether for tech, creative or traditional industries we must continue to grow our modern factories to create new jobs,” said United States Senator Chuck Schumer.
The project includes three towers: 28-34 Jackson Avenue, holding 658 units and 6,000 square feet of retail space, 28-10 Jackson Avenue, with 683 units and 3,000 square feet of retail space, and 30-02 Queens Boulevard, with 448 apartments and 6,500 square feet of retail. (1,789 apartments and 1.2 million square feet of new development in total)
“Office buildings are our factories – whether for tech, creative or traditional industries we must continue to grow our modern factories to create new jobs,” said United States Senator Chuck Schumer.
“Office buildings are our factories – whether for tech, creative or traditional industries we must continue to grow our modern factories to create new jobs,” said United States Senator Chuck Schumer.
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