Riverview Lofts at 11-37 31st Avenue just locked in a $145 million loan from Bank OZK as of Tuesday, cementing Astoria’s spot as the hottest waterfront rental market in Queens. Leasing has already filled over 70% of the new building’s 349 apartments since March.

Developed by Criterion Group and opened to renters in March, Riverview Lofts is the largest new residential building to hit the Astoria waterfront in the last two years. The 8-story development features unobstructed views of Manhattan, a rooftop pool, and ground-floor retail that’s already snagged Sweetgreen and Brooklyn Kolache Co. as tenants.

Bank OZK, one of the city’s most active construction lenders, confirmed the $145 million loan closed on Tuesday. “We’re seeing exceptional velocity on the lease-up,” said Erik Sanders, Criterion’s leasing director, noting the building averaged 35 signed leases per week in May. The surge echoes citywide demand for new rental product, especially in western Queens where supply remains tight.

Rents for studios at Riverview Lofts start at $3,150 a month, with two-bedrooms topping $6,000, according to StreetEasy listings as of June 5. Over 40% of the tenants so far are moving from Manhattan, drawn by the building’s amenities and the 7-minute F train ride from 21st Street–Queensbridge. Criterion’s Sanders says the building’s leasing pace “blew past all our pro formas.”

Astoria’s waterfront has seen a flurry of recent activity, with neighboring projects at 10 Halletts Point and Alma on 31st also pushing above 90% occupancy. But local broker Karen Li of Modern Spaces expects Riverview Lofts to lease out fully by August. “The demand is there, especially for new full-service buildings this close to the park and ferry,” she said.

Frequently Asked Questions

Where exactly is Riverview Lofts located?

Riverview Lofts is at 11-37 31st Avenue, right along the Astoria waterfront. It’s two blocks west of Vernon Boulevard and roughly a five-minute walk to Socrates Sculpture Park. The building faces the East River with views toward Midtown and Roosevelt Island.

How much are apartments renting for at Riverview Lofts?

Studio apartments start at $3,150 per month, with one-bedrooms averaging $4,200 and two-bedrooms going up to $6,000. These prices reflect June 2024 StreetEasy listings. There are also select units with private terraces and river views.

Who developed Riverview Lofts and who provided the financing?

Criterion Group, a Queens-based developer, built Riverview Lofts. The $145 million loan was provided by Bank OZK, a major construction lender active in New York City. The financing closed on June 4, 2024, fueling the building’s final completion and rapid lease-up.

Frequently Asked Questions

Where is Riverview Lofts located in Astoria?

Riverview Lofts is located at 11-37 31st Avenue, Astoria, Queens, along the Astoria waterfront.

How much is rent at Riverview Lofts?

Studio apartments start at $3,150 per month, one-bedrooms average $4,200, and two-bedrooms go up to $6,000 as of June 2024.

Who developed Riverview Lofts and who financed it?

Riverview Lofts was developed by Criterion Group and received a $145 million loan from Bank OZK, which closed on June 4, 2024.

What is the current occupancy rate at Riverview Lofts?

Leasing at Riverview Lofts has surpassed 70% occupancy out of 349 total units since opening in March 2024.

What amenities and retail tenants does Riverview Lofts offer?

The building features unobstructed Manhattan views, a rooftop pool, and ground-floor retail with tenants including Sweetgreen and Brooklyn Kolache Co.

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