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SCALE Lending announced that it has closed on a $55 million
construction loan to complete the development of The Nova in Long Island City.
Being developed by SB Development, designed by Fogarty Finger and built by 1 Oak Construction, The Nova is set to be completed in June 2022.
Rendering courtesy of SB Development
“We have been very active in the Long Island City market
over the last five years. It has maintained strong demand throughout the
pandemic, and we have seen an increase in activity recently in both the rental
and condominium markets,” said Martin Nussbaum, Co-Founder and Principal of
Slate Property Group. “With our confidence in SB Development’s experience and
The 23-story mixed-use structure echoes the historic vernacular of the neighboring Dime Savings Bank
Words by: Will Speros • Photos courtesy of the Dime
New York-based architecture firm Fogarty Finger has completed a new mixed-use hub, the Dime, in the South Williamsburg section of Brooklyn. Housed within a 23-story terracotta and glass structure linked to the landmarked Dime Savings Bank, the 345,000-square-foot project accommodates 117 residential units, 105,000 square feet of office space, and 50,000 square feet of retail.
The façade complements the exterior of the historic bank and supports unobstructed views of the city. “The Dime’s design takes nuanced cues from its neighboring bank’s historic architecture and materiality,” says Fogarty Finger director Harshad Pillai. “The bank’s fluted column design is echoed through the Dime’s terracotta façade, as well as in its commercial lobby walls that carry a variation of the gesture in a warm wood.”
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Cape Advisors, the New York based real estate development and investment firm, in partnership with the Pioneer Group, today announced that Astoria West, a new rental development, has topped out.
In late July of 2020, Cape Advisors announced they had secured $280 million in financing to facilitate construction for Astoria West, located at 30-77 Vernon Avenue .
CRAIG WOOD
“Each day we’re getting closer to delivering this exciting residential offering,” said Craig Wood of Cape Advisors. “We’re making excellent progress at the site thanks to our talented development, design and construction team. In spite of the many challenges posed by the pandemic, the entire team has worked exceptionally hard to keep the project on track and we applaud them for their effort and dedication.”