Cushman & Wakefield is pleased to announce the closing of a $104.0 million land loan, collateralized by a development site just north of One Court Square in the Long Island City neighborhood of Queens. Long Island City is one of New York’s most vibrant, emerging neighborhoods, and Cushman & Wakefield is active raising capital with many sponsors in this area.
The site consists of nine parcels and holds up to approximately 780,000 square feet of development potential for residential, office, retail, and hotel use.
“Our client has a keen eye for undervalued development sites and was able to tie this up at a great basis. We found a great lender who also recognized the upside in the Long Island City submarket, and closed the loan within five weeks,” said Cushman & Wakefield’s Morris Betesh, who exclusively handled this transaction. “We are excited about the future potential for this site and the creative development we know our client will deliver,” he continued.
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Neighborhoods: Long Island City