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Huge loan will help build the newest luxury apartment tower in Long Island City

Huge loan will help build the newest luxury apartment tower in Long Island City

A rendering for a new luxury development at 29-26 Northern Blvd. in Long Island City.

Quadrum Global and Simon Baron Development have just secured a $150 million dollar loan from AIG that will go toward the construction of a 42-story tower in Long Island City.

Located at 29-26 Northern Blvd., the building will have 467 apartments and amenities such as an indoor swimming pool and fitness center. Construction has already started and the building is set to be finished in early 2018.

The real estate development firms have partnered before to erect several apartments at the site of the old Paragon Paint Factory at 45-40 Vernon Blvd., which has been met with resistance by Long Island City residents.

Matthew Baron, president of Simon Baron Development, called Long Island City “one of the great emerging neighborhoods in New York City.”

“We’re excited to be a large part of the growth here in LIC,” he said in a statement.