Montperia Group and JLS Construction Group landed a construction loan for a Long Island City condo development.
The joint venture scored $115 million for their project at 24-02 Queens Plaza South. Maxim Credit Group provided the loan, which was first reported by Commercial Observer.
Montperia Group’s Steven Li filed plans last year for a 40-story tower at the property, which also has an address of 42-19 24th Street. The plans call for a 456-foot, 280,000-square-foot tower with 216 residential units and ground-floor retail space. The developer did not immediately respond to a request for comment.
Li wasn’t the first developer to eye the property, where a three-story building was most recently occupied by the Apex Technical School. Carlyle Group acquired the lot in 2020 for $40 million from Atlas Capital Group. The private equity giant was backing life sciences-focused real estate firm Botanic Properties in the deal, after which it planned to raze the building and build a commercial property.
The firm never proceeded with construction and instead sold the property to Montperia Group, formerly Ampiera Group, in August 2023 for $49 million.
Monteperia is largely a residential developer with a portfolio including properties in Queens and Brooklyn, as well as the Wingate Hotel in LIC, the Alliance Tower building in Flushing and a coworking facility in Woodside.
Long Island City has been a hotbed of residential development, and will soon get a boost from Mayor Eric Adams’ rezoning plan. In April, the city kicked off the process of rezoning a 54-block area of the Queens neighborhood. The changes will allow residential development in areas zoned for industrial use, while also encouraging more commercial and light industrial development in other parts of the district.
Residential construction will be allowed in 22 blocks of the rezoning area, where the city’s Mandatory Inclusionary Housing program will apply. The Department of City Planning estimates that after the rezoning is approved through the seven-month land use review process, 14,700 apartments will be built over the next decade, with 4,300 units set aside as income-restricted under MIH.
This project appears to be just outside the rezoning area.
Read more
Developer plans 40-story resi tower for Carlyle’s former LIC site
Developers file plans for another LIC project as residential construction grows
Carlyle ditches plans, sells LIC site for $49M
