44-01-Northern-Boulevard-Cantor Fitzgerald

Cantor Fitzgerald, Silverstein Properties Receive $165M Construction Financing for Multifamily Project in Queens

by Katie Sloan

NEW YORK CITY — A partnership between affiliates of Cantor Fitzgerald and Silverstein Properties has received $165 million in construction financing for 44-01 Northern Boulevard, a multifamily project in the Astoria neighborhood of Queens.

The 63,000-square-foot development site is located within an opportunity zone, and has received investment from the Cantor Silverstein Opportunity Zone Trust. Banco Inbursa provided the latest round of financing for the project, which is scheduled for completion in spring 2024.

The community is set to offer 354 units in a mix of one- and two-bedroom configurations, 25 percent of which will be priced affordably. The property will also feature 25,000 square feet of retail, 20,000 square feet of amenity space and 200 parking spots.

Hill West Architects designed 44-01 Northern Boulevard to pay homage to the borough’s industrial past through the use of masonry and blackened metal.

Planned amenities include cascading gardens and an expansive gathering lawn; fitness and yoga studios; a children’s play room; resident lounge; and a 10th-floor amenity space with a co-working lounge, library, chef’s kitchen and rooftop deck offering panoramic views of the Manhattan skyline.

The Cantor Silverstein Opportunity Zone Trust was created in 2019 with a focus on acquiring and developing real estate projects located in Opportunity Zones. Its portfolio currently includes eight projects across seven states totaling $2 billion in estimated project costs.

New York City-based Cantor Fitzgerald is a global financial services group that serves more than 5,000 institutional clients around the world.

Also based in New York City, Silverstein Properties is a privately held, full-service real estate development, investment and management firm. Silverstein has developed, owned and managed more than 40 million square feet of commercial, residential, retail and hotel space. Recent projects include the 3, 4 and 7 World Trade Center buildings; the Four Seasons Downtown hotel in Manhattan; and One West End, a luxury condo tower on the Upper West Side of Manhattan.

—Katie Sloan

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