PCCP Lands $30M for Queens Conversion
- May 21, 2013
New York—A 98,000-square-foot office and retail asset in the Long Island City neighborhood of Queens, N.Y. will be the area’s newest market-rate multifamily/retail asset thanks to a $30 million senior loan arranged by PCCP for Meadow Partners. The loan will provide for the recapitalization and conversion of the 1953-built asset, which is located directly across the East River from Midtown Manhattan at 42-15 Crescent Street. The nine-story, multi-tenant office and retail building will emerge as a 124-unit, 10-story Class A community.
“Meadow Partners is an experienced and knowledgeable investor and owner with deep experience in the New York metro area,” says Kevin Chin, vice president with PCCP out of the firm’s New York City office. “The project will be a very appealing option for those looking for more space or less costly apartment rents. Although Long Island City is one subway stop away from Midtown Manhattan, it has rents that are up to 30 to 40 percent less than similar product in Manhattan.”
In 2001, the City of New York rezoned the Long Island City area to allow for up to 11 million square feet of mixed-use development, which has resulted in a boom of new projects bringing more than two million square feet of Class A office space, 16 hotels and nearly 2,000 residential units to the area. The New York City Economic Development Corporation has estimated that these new developments have attracted more than 30,000 new daily office workers and 35,000 new residents to the area over the past decade.
Variant adds 280-unit Georgia asset to portfolio
Lithonia, Ga.—Variant Commercial Real Estate has acquired Oaks at Stonecrest—a 280-unit asset located in Lithonia, Ga. Variant will initiate changes on The Oaks at Stonecrest by making minor exterior renovations and implementing new property management. CFLane will manage the asset.
“We currently have over 7,000 units in our commercial portfolio,” says Dan Wesson, managing director at Variant. “We are excited to add this property to our three other multifamily properties in the Sotuheast.”
Units at Oaks at Stonecrest average 995 square feet in size. The property is minutes from the newly built 1.3 million-square-foot Mall at Stonecrest.