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Feb. 1, 2013

Long Island City Building Gets $120M Financing; The Edge Is Top Selling Building in NYC

By Veronica Grecu, Associate Editor

One of the leading commercial real estate finance companies in the U.S., Walker & Dunlop LLC of Bethesda, Md., recently announced that it provided $120 million financing for a high-rise apartment building in Long Island City, N.Y. The financing team lead by Walker & Dunlop’s Steven Heller arranged a 10-year loan through Fannie Mae with a 5-year interest, followed by a 30-year amortization period.

Owned by TF Cornerstone Equities, the multifamily building located at 45-40 Center Blvd. is part of Stage Two of a master plan called Queens West Development. When completed, the development will include seven mixed-use residential buildings, 3,000 apartment units abd 1,825 parking spaces and retail spaces.

45-40 Center Boulevard includes 345 luxury residential units with spectacular views of the Manhattan skyline. The upscale amenity package includes a concierge valet, a rooftop terrace and a full-service restaurant on the ground level.

In further residential real estate news, The Edge in Williamsburg was the top selling building in New York City for the second year in a row, according to a PropertyShark market report. With 272 units sold in 2011 and 167 units sold in 2012 at a median price of $804,418, the property is now completely sold.

The next top selling buildings include the Sheffield in Midtown West—with 102 units sold at a median price of $1,453,231, followed by 99 John Deco Lofts in the Financial District—where 84 units were sold in 2012 at a median price of $675,000. The fourth-top selling building on PropertyShark’s list is One Brooklyn Bridge Park in Brooklyn Heights that saw 82 units sold in 2012 with a median price of $965,000.

Chart courtesy of PropertyShark

For more market data from New York City, click here.

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