The project was grandfathered under the prior 421a tax abatement program, which provides a tax exemption for a construction period of up to three years followed by a 15-year-long tax exemption period post-construction.

“Working on behalf of Silverback and AEW to secure financing for this acquisition has been a pleasure, especially since the asset has been in Greystone's portfolio since 2016. It's truly a phenomenal investment with all there is to come for this neighborhood,” says Fletcher.

For $23 million Greystone had acquired the property in March 2016 from Lois Kirsh, according to Real Capital Analytics. Greystone was converting the existing five-story Post Office building that was built in 1925 into a 23-floor tower with 109 residential units. Architectural firm Woods Bagot designed the renovation including its curvy façade. The building's structural form provides a differentiating fluidity in contrast to surrounding angular construction.

When completed the 109-unit luxury residence will comprise studios, one, and two-bedroom residences. Select units will have nearly 10-foot ceilings with views of the Manhattan skyline. The development is close to Long Island City's waterfront, and has nearby access to the Queensboro Plaza MTA station, the Long Island Expressway and Queensboro Bridge.