Big Six Towers co-op closes $141.5 million HDC mortgage

Big Six Towers, Inc., the cooperative corporation behind a five-lot affordable housing complex straddling Woodside and Long Island City, closed a $141,521,401 mortgage with the New York City Housing Development Corporation. The loan is dated October 20, 2026, and recorded at the City Register on October 28 under CRFN 2026000307373, covering Queens block 2314 (lots 1 and 100), block 2322 lot 1, block 2320 lot 25, and block 2321 lot 27.

Why it matters

HDC is the city’s public lender for income-restricted housing, and it rarely underwrites ground-up construction on a site that already carries five tax lots tied to one long-standing residential complex. Big Six Towers has operated as a Mitchell-Lama cooperative for decades and has gone through HDC-arranged capital financing before. A mortgage of this size against an occupied complex points toward a refinancing or preservation deal built around capital repairs and extended affordability, the pattern HDC follows when it wants an existing owner to keep units regulated rather than exit the program. The recorded document does not itself state a use of proceeds, and the City Register filing does not break out unit count or scope of work, so that framing is read from the pattern, not confirmed by the record.

The numbers

$141,521,401 is the full mortgage amount recorded against the five Queens lots. The loan is dated October 20, 2026, and recorded eight days later, on October 28. Five separate BBLs secure the debt: block 2314 lot 1, block 2314 lot 100, block 2322 lot 1, block 2320 lot 25, and block 2321 lot 27, a footprint that reflects how the Big Six Towers complex was assembled and taxed across multiple parcels.

What’s next

Neither party has filed a companion document describing scope of work, and HDC has not published a project sheet naming this loan as of this writing. The filing to watch next is any building permit tied to these five BBLs, which would show whether the money funds capital repairs rather than a straight refinance. No change of ownership accompanied the mortgage: the co-op corporation and its shareholders remain the owners of record. For more financing activity across the borough, see the New York market hub.