Watermark Capital Group is getting a $70 million loan for the refinancing of its multifamily project, 41-08 Crescent Street — so it can finish the development.
Located in Long Island City, Queens, the building is set to stand 26 stories and feature 184 units — 70 percent of which will be designated as affordable.
Watermark plans to use the refinancing to support the last portions of development and the lease-up for the project. Slate Property Group in collaboration with White Oak Real Estate Capital are providing the loan for the New York City property. The terms of the loan include a floating rate for 20 months.
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Once complete, 41-08 Crescent is set to span 192,000 square feet. The apartment sizes will range from one to three bedrooms, and studios, with some units getting outdoor terraces. Also, the plan is to include 9,000 square feet of retail space at the base of the property and 41 parking spots. Within proximity of 41-08 Crescent is Queensbridge Park, green spaces, and subway lines that can transport residents to Manhattan. Completion of 41-08 Crescent is expected for the spring of 2026.
As rates have been high, New York City's multifamily market has suffered with transactions plummeting by nearly 40 percent in 2024. Plus, the 2019 Housing Stability and Tenant Protection Act has impacted debt costs and cash flow. However, there is some optimism going forward. The Federal Reserve is cutting rates again, and that could lead to stabilization in the NYC multifamily market and reduce stress, according to Andrew Marcus, first vice president at Matthews Real Estate Investment Services.
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Anthony Russo
Anthony Russo has been contributing to GlobeSt. since July 2024. Along with CRE, his financial background expands to capital markets, the economy, and consumer issues. Previously, he has written for CapitalWatch and was a senior reporter for The US Sun.
