A long-idle stretch of Grand Central Parkway in Forest Hills is finally getting a major makeover. Arrow Real Estate Advisors has lined up a $125 million construction loan for a new condominium at 70-28 Grand Central Parkway in Queens, clearing the way for a 13-story project with about 241 residences and a full slate of amenities. Sponsors and lenders say construction is expected to wrap in late 2027.
Deal details
The capital stack comes with Madison Realty Capital on the senior loan and Naftali Credit Partners on the mezzanine piece, according to Commercial Observer. Arrow’s in-house team, led by Morris Betesh and including Eli Serebrowski, Alex Bailkin and Matt O’Hanlon, arranged the $125 million package for a joint venture of RJ Capital and Top Rock, per New York Real Estate Journal. The financing closed on December 19, 2025, Commercial Observer reported.
Project size and timeline
The 13-story building is slated to hold 241 condos across roughly 252,000 to 255,000 square feet, according to developer materials and reporting by Multi-Housing News. RJ Capital lists an anticipated completion in the third quarter of 2027, and the new financing is expected to refinance existing debt and cover hard, soft and carry costs through delivery. Renderings show a stepped profile with terraces and floor-to-ceiling windows designed to pull light deep into the floorplates.
Amenities and parking
Plans call for a pool terrace, a landscaped rooftop with private cabanas, a fitness center, resident lounge, game room, business center, children’s room, bike storage and a party room, according to New York Real Estate Journal. The project is also expected to include roughly 100 structured parking spaces built into the footprint of the building rather than surface parking, a detail YIMBY noted. Taken together, the condo and amenities package are set to make the tower one of the larger for-sale offerings in central Queens.
Site history
The development site covers about 32,000 square feet next to the former New Parkway Hospital. A joint venture of RJ Capital, Top Rock and SYU Properties paid $31.7 million for the parcels in 2021, according to The Real Deal. The hospital shut down years ago after regulators revoked its license, leaving a long-vacant property that became a magnet for stalled proposals and neighborhood debate. Developers say the condo plan will finally put the land back to work and bring institutional capital and for-sale housing to that stretch of the parkway.
Developer track record
RJ Capital has been busy in Queens in recent years. The firm delivered the 74-unit BLVD Condominium in Forest Hills in 2021 and the 170-unit Trylon Tower in Rego Park in 2025, according to Multi-Housing News and company records. Industry sources say that track record helped draw Madison Realty Capital and Naftali Credit Partners to the Forest Hills deal. For Top Rock, the project continues a run of borough-focused residential investments.
What it signals
Madison Realty Capital has framed the loan as a bet on continued demand for Queens condo product. The project "underscores our conviction in the strength of the Queens residential market," Josh Zegen said, according to YIMBY. Observers note that replacing earlier bridge debt with this package signals ongoing private-credit appetite for for-sale developments outside Manhattan as the city’s housing market continues to rebalance.
Next steps
Permits and final drawings are still being completed, but sponsors expect construction to move forward this year and are targeting a third-quarter 2027 delivery, according to RJ Capital’s project listing and reporting on the financing. For neighbors who have watched the former hospital parcel sit empty for years, the start of vertical construction would mark a clear shift toward new housing and a busier, more residential corridor along this slice of central Queens.
