Updated Aug 31, 2026
Domain Companies BLDG Management Canyon Partners Secure $175.6 Million Wells Fargo Construction Loan In Astoria Queens
35-53 41st Street & 35-38 41st Street
$175,600,000
Building Size
—
Asset Type
Development Site
Closing
Aug 5, 2026
About this deal
AI
Two mixed-use residential projects located at 35-53 41st Street and 35-38 41st Street in Astoria, Queens, have a total asset size of 226,834 BSF. The projects aim to provide 429 planned units and have been financed through a construction loan amounting to $175,600,000 from Wells Fargo.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $175,600,000
- Lender: Wells Fargo
- Landlord: Matthew Schwartz - Domain Companies
- Landlord: Lloyd Goldman - BLDG Management
- Landlord: Canyon Partners
Domain Companies, BLDG Management, and Canyon Partners are the key parties involved in securing the construction loan, facilitating the development of the mixed-use projects in the Astoria market.
Players
Long Island City Development Site Market Snapshot
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.09%
Cash-on-Cash
-0.03%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93