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May 21-May 27, 2021
PLANS FOR
LUXURY CONDO
DEVELOPMENT
IN LONG ISLAND
CITY ADVANCE
BY ANGÉLICA ACEVEDO
A new luxury condo in
Long Island City is moving
forward following funds obtained
by its developers.
The Nova, which will be located
at 41-05 29th St., will be
a 24-story building and will
feature 86 units in total and
ground-floor retail across
95,000 square feet.
SCALE Lending, the lending
affiliate of Slate Property
Group, announced it secured
a $55 million construction
loan on May 13 in order to
complete the development.
Martin Nussbaum, cofounder
and principal of Slate
Property Group, said they’ve
been very active in the western
Queens neighborhood in
the past five years.
He says Long Island City,
which is undergoing rapid development,
has maintained a
“strong demand” throughout
the COVID-19 pandemic and
have even seen “an increase
in activity recently” in the
rental and condo markets.
“With our confidence in
SB Development’s experience
and their business plan for
the site, we were able to work
quickly with them to close on
this loan,” Nussbaum said.
The Nova is being developed
by SB Development,
which has several properties
in the neighborhood, and 1
Oak Construction.
Joseph Stern, principal of
SB Development, said it was a
“pleasure” working with the
team at SCALE.
“We’re very excited and
fortunate to move forward
with developing this architectural
beacon for the neighborhood
and grateful to be in
a position that allows us to
contribute to the rebirth of
this great city that we love,”
Stern said.
The Nova is set to be completed
in June 2022.
Reach reporter Angélica
Acevedo by e-mail at aacevedo@
schnepsmedia.com A rendering of The Nova in Long Island City. Courtesy of SB Development
Vol. 9 No. 21 44 total pages
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