There's an old African proverb “it takes a village to raise a child” that stands for the different roles that people play (outside of a child's parents) in influencing the child so that he or she grows into a well-rounded person. Similarly, the same can be said for the financing and construction of a major commercial real estate project.
The construction of a 1.1 million square foot office and retail project in Long Island City definitely fits this description. Financing for this project was been a complex jigsaw puzzle that has recently fit together. A recent globest.com report highlighted the many financial pieces that have come together to make the project at 28-10 Queens Plaza South a reality. The project will begin in 2017 and will include two 27 story towers connected by a four story podium that will be a mix of retail spaces, restaurants and parking structures.
Critical to the project's greenlight is the fact that developers pre-leased of over 800,000 square feet of space in the building. Because of this, financing from the Bank of the Ozarks, arranged through HFF, as well as Qatari Diar, a global real estate investor, will be the main drivers of the project.
Credit is also given to the active support of the NYC Economic Development Corporation, as well as elected officials in Long Island. The story is indicative of the various partnerships that must work in concert in order for a project of this magnitude to work. If you have questions about how an experienced real estate attorney can help in this process, we invite you to contact us.