Empty LIC Lot To Turn Into 35-Story Residential Tower By 2025

LONG ISLAND CITY, QUEENS — An empty lot in the highly-developed Long Island City is slated to become a residential building by 2025, according to the real estate company Walker & Dunlop.

The company, which provides financing services to commercial real estate owners, said it arranged a $131 million construction loan for 23-10 42nd Road, which is currently an empty lot.

The space is slated to become a 35-story residential building by the summer of 2025, and foundation work was completed in the fall of 2022.

The building will have 240 studio, one, and two-bedroom apartments, as well as more than 15,000 square feet of indoor and outdoor amenities including a fitness center, a lounge, co-working spaces, and a sky lounge on the roof.

Walker & Dunlop represented the real estate development company Werwaiss Properties, and received financing from investment manager PCCP LLC and Corebridge Financial.

"We’re proud to work with experienced developers to help create additional market rate and attainable housing options in New York City,” said Brian Haber, a managing director with PCCP.

The company declined to comment on possible pricing per unit.