A group of Asia-based developers led by Steven Wu secured a $32 million construction loan that will finance the completion of the final stage of the St. John’s Hospital conversion in Elmhurst, Queens. Madison Realty Capital provided the loan, which lined up an earlier $38 million acquisition loan for the property.
Leasing at the 266,322-square-foot property – which the developers bought in December 2013 for $55 million – will commence soon, Madison Realty Capital co-founder Josh Zegen told The Real Deal.
No major renovations were needed at the former hospital, which is located along Queens Boulevard between 57th Avenue and Woodhaven Boulevard, Zegen said. The development will ultimately hold 144 rental apartments divided among 148,109 square feet and will include about 118,213 square feet of commercial and community space.
Studios, one- and two-bedroom units will be located on the third through sixth floors, with a penthouse on the seventh floor with 15-foot ceilings. The penthouse will be one of eight such units in the building, and each will have a private roof terrace. The second floor will hold a community space, with retail space located on the ground floor and in the basement.
The building at 90-02 Queens Boulevard also comes with an 89,601-square-foot parking garage across the street that can hold around 290 spaces that will be used for the building’s future tenants as well as the commercial component of the development.
8 comments:
Wow!! A penthouse on Queens Boulevard overlooking the LIE, the mall, the LIRR tracks, scenic Hoffman drive and Newtown HS athletic field.
And the bonus...the aroma of the White Castle grease fog.
Shoehoring more people. I thought all this downzoning that went on was to downzone the borough.
Where is the master plan? Just how many people do they intend to cram in Queens? How is this going to degrade the 'green' efforts i the borough?
What the F#$*%#k is wrong with the people in Queens? Doesn't anyone in a borough of millions have the sense to ask these things?
The chinese will love this!
Dude living in a former hospital is creepy and shit. People died there dude, they stored dead bodies in the basement bro. This shit is like poltergeist waiting to happen. Oh man I need another toke
Chinese immigrant palace !
The country is going down the toilet faster then I ever imagined !!!
Anon 4: who are you impersonating?
where is the blaz's affordable hospital plan?
really,all these hospitals shutting down and replacing it with luxury towers.do these realtors and developers that have received all this welfare from REBNY think no one is ever going to get sick or injured,or die?
right on with the comments about the views and the ghosts.
don't forget the views of shopping mall roofs and the aura and aroma of exhaust from the LIE
When it comes to finance and loans, the approval process is often lengthy hence requiring a lot of time. However, once the agreement passes through, the execution of the development plan will see progress in no time.
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