The Real Deal New York

Atlas lands $160M Blackstone loan for LIC Factory Building

1M sf office building holds a number of fashion tenants

May 03, 2016 02:44PM
By Konrad Putzier

From left: Steve Plavin and the Factory Building

From left: Steve Plavin and the Factory Building

Atlas Capital Group secured a $160 million loan package from Blackstone Mortgage trust to refinance its Long Island City office building at 30-30 47th Avenue – dubbed The Factory.The financing includes a $27.2 million construction loan, property records filed with the city Tuesday show.

Blackstone declined to comment and Atlas could not immediately be reached.

Atlas bought the 1-million-square-foot office building in October 2013 through a deed in lieu of foreclosure at a $102 million valuation after its previous owner, Mark Karasick, declared bankruptcy. The property has attracted a number of fashion and retail companies as office tenants over the past year – including J.Crew’s Madewell brand, Ralph Lauren and Macy’s.

Blackstone Mortgage Trust, a public REIT managed by the Blackstone Group, had a profitable start to the year despite global capital markets turmoil. Since the end of the first quarter, the REIT has closed or agreed on $625 million worth of loans, CEO Stephen Plavin said in an earnings call last week.

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