Private Equity Capital Investment

Oasis Astoria in Queens, NY

A unique opportunity to invest in an exciting condominium development in Astoria alongside an entrepreneurial development group with deep roots in the Queens market – becoming EastAlliance’s first investment in the NYC market.
Invested
Q4 2023
Oasis Astoria in Queens
Location:
Astoria Queens, NY
Partner:
FBL Development
Completed:
Under Construction
Market:
New York City MSA
Units:
52 (with small retail component)
Type:
Condominium

Scenario

Recognizing investor demand for structured fixed income positions and the general stability of residential/multi-family properties in the US, EastAlliance had been actively seeking higher-yielding opportunities in the sector. It was through this targeted effort that EastAlliance was approached with the opportunity to invest in the project, which had already broke ground, but needed fresh capital to supplement a local bank’s construction loan.

Asset

When complete, the 7-story Property will be approximately 36,777 SF and consist of a mix of 52 well-appointed one-bedroom and two-bedroom units boasting 8.5’ to 9.0’ ceilings. The residential units will be on Floors 2 - 7 with a recreational/community space on the rooftop along with a bike storage area. Some of the units will provide private outdoor space and the average unit will be approximately 707 SF. There will also be a total of 3,307 SF (2,268 SF & 1,039 SF) of retail space with frontage along 21st Street. The Property will also have a ground floor parking garage providing a total of 26 spaces and property amenities will include a yoga room, fitness center, and other common areas.

Oasis Astoria in Queens
Oasis Astoria in Queens

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