LIC residential project gets $150M loan
A luxury residential tower at 29-26 Northern Boulevard in Long Island City is getting a much-needed loan.
Quadrum Global and Simon Baron Development, which are spearheading the development, announced the $150 million will help facilitate the tower’s construction.
AIG is providing the financing for the 42-story, 467-apartment tower. The building will include large amenity spaces such as an indoor swimming pool and a fitness center.
The project is expected to open in early 2018.
“Long Island City has quickly become one of the most desirable places to live in the New York Metro area,” said Oleg Pavlov, Quadrum’s founder and CEO.
“With our partner Quadrum Global, we are building a premier building in one of the greatest emerging neighborhoods in New York City,” said Matthew Baron, president of Simon Baron Development. “We’re excited to be a large part of the growth here in LIC.”
The tandem is also behind residential buildings and hotels like The Chamberlain, 393 West End Avenue and Arlo NoMad in Manhattan, as well as 45-40 Vernon Boulevard in LIC.
