Luxury Residential Tower 28 in LIC Receives $215M in Financing
Heatherwood Luxury’s 450-unit, market-rate rental building is in the Queenboro Plaza neighborhood of Long Island City, Queens
NEW YORK CITY—Heatherwood Luxury Rentals obtained $215 million in refinancing for its newly constructed luxury residential property, Tower 28, in Long Island City, Queens.
The 58-story building is located at 42-12 28th St. in the Queensboro Plaza area. It was designed by Hill West Architects and completed in March 2017. The luxury residential tower contains 450 market-rate units spanning 330,708 rentable square feet. The building includes a game room, residents’ lounge, 46th floor furnished outdoor terrace, 59th floor observation deck, and indoor pool with a retractable roof. The units range from studios to four-bedroom, varying in designs and styles.
Aaron Appel, Jonathan Schwartz, Matt Collins, Brian Buglione and Michael Ianno led the Jones Lang Lasalle capital markets team which placed the loan with Morgan Stanley.
“Tower 28 provides residents with the opportunity to live in a newly built luxury tower that offers a swift commute into Midtown, Hudson Yards and the rest of Manhattan,” says Appel.
The property provides convenient access to six different subway lines, six blocks away at Queensboro Plaza and the E, M, and R subway lines at Queens Plaza four blocks away. This results in a 15-minute commute to Midtown Manhattan. With the recent extension of the 7 subway, Tower 28 is also 20 minutes from Hudson Yards.