Updated Nov 2, 2026
Big Six Towers Cooperative Secures $141.9 Million Rehab Construction Loan In Woodside Queens
59-10 Queens Boulevard, 59-50 61st Street & 61-10 Queens Boulevard
$141,900,000
$43/SF
Building Size
1,076,672 SF
Asset Type
MultiFamily
Closing
Oct 20, 2026
About this deal
AI
The transaction involves a construction loan for a multi-family asset located at 59-10 Queens Boulevard, 59-50 61st Street & 61-10 Queens Boulevard in the Woodside market of Queens. The properties collectively have a total square footage of 1,076,672 and provide 988 residential units for potential renovation and enhancement.
Summary of transaction details:
- Property Type: MultiFamily
- Transaction Amount: $141,900,000
- Lender: New York City Housing Development Corporation
- Landlord: Big Six Towers Cooperative
- Loan Type: Construction
- Loan Date: 10/20/2026
- Address: 59-10 Queens Boulevard, 59-50 61st Street & 61-10 Queens Boulevard
- Market: Woodside, Queens
- Total Residential Units: 988
Big Six Towers Cooperative is securing funding through the $141.9 million rehab construction loan dedicated to renovating the specified properties, which enhances the housing availability within the Woodside area, ensuring improved living conditions for residents. The project is represented by the New York City Housing Development Corporation as the lender, facilitating the financial aspect of the renovations.
On the Map
$141,900,000
$43/SF
MultiFamily
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.11%
Cash-on-Cash
-0.03%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93