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Silverback Development acquires 24-16 Queens Plaza South for $40M

The LIC development project is 60 percent complete.

Construction ongoing at 24-16 Queens Plaza South (Credit: Court Square Blog)

Silverback Development and AEW Capital Management have acquired the residential component of 24-16 Queens Plaza South from Greystone Development for $40 million. The LIC development project is still under-construction, and is 60 percent complete.

Plans: The buyers will take over construction and convert the planned rental into condos (100,000 SF). The project was grandfathered under the old 421a tax abatement program.

Financing details: Benefit Street Partners provided a $54 million loan for the acquisition and completion of the project.

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