Greystone Closes on Long Island Site

Greystone Development has paid $23 million to acquire acreage at 24-16 Queens Plaza South in Long Island City, Queens. The new owner, in partnership with the land owner, is planning to build a 23-story, 117-unit multifamily property.

Also included will be approximately 3,600 square feet of ground-floor retail space.

Construction financing for the project, in the amount of $39 million, has been provided by Santander Bank.

“With its close proximity to Manhattan and amenities like restaurants, shops, and art galleries, Long Island City is becoming an attractive option for those who want the convenience of city living, but desire more living space,” said Mike Lee, Managing Director of Commercial Real Estate Banking at Santander Bank.