Eastern Consolidated Arranges Sale of Prime Development Site

Eastern Consolidated exclusively brokers the sale of a residential development site for $45.3 million, and Grandbridge Real Estate Capital finances a first mortgage.

New York—Eastern Consolidated has exclusively arranged the sale of a residential development site at 22-12 Jackson Avenue in Long Island City, Queens for $43.5 million. Adam America Real Estate—which purchased the site from Diamond Service Corp.—plans to raze the existing property and build a luxury residential condominium tower, offering tremendous Manhattan views.

Zoned for 169,500 square feet, 22-12 Jackson Avenue is ideally situated across from MoMA PS1, down the street from the 1.2 million-square-foot development at 5Pointz, and adjacent to the new 182-unit, mixed-use apartment building designed by ODA and developed by Jeff Gershon.

Ronald A. Solarz, principal and executive managing director at Eastern Consolidated, along with Chris Matousek, director, Financial Services, exclusively represented both the buyer and the seller.

The existing 33,900-square-foot lot at 22-12 Jackson Avenue is currently occupied by a taxi company.

“Adam America will deliver a new luxury condominium tower, which will be extremely well received by the market given its prime, central location and convenient access to multiple subway lines,” Solarz said. “Long Island City is one of New York’s most exciting, growth markets with incredible demand for additional residential product.”

The property at 22-12 Jackson Avenue is located on the south side of Jackson Avenue between 21st Street and Crane Street, and in close proximity both to Citigroup’s 1.5 million-square-foot office tower and the recently announced 1,800-unit residential development from Tishman Speyer and H&R REIT.

Long Island City is less than a 10-minute subway ride to Manhattan and Grand Central Station, and easily-accessible via the No. 7, E, F, G, M, N, Q and R lines.

Grandbridge finances a first mortgage

Kansas City, Mo.—Grandbridge Real Estate Capital closed an $11.76 million first mortgage secured by a 384-unit multifamily property in Kansas City, Mo.

Birmingham, Ala.-based Grandbridge Vice President Paul Harbor originated the transaction.

Funding for the acquisition loan was arranged through Freddie Mac and featured a 10-year fixed rate term and 30-year amortization schedule with the first three years interest-only.

“The 14, three-story garden style residential buildings contain one- and two-bedroom units with balconies or patios. Developed in 1989, the property is approximately 10 miles southeast of Kansas City’s Central Business District. Amenities include a swimming pool, clubhouse with lake views, newly remodeled fitness center, outdoor grilling area and an 18-acre lake with fishing dock,” said Harbor.