HighCap Group sells note backed by Long Island City property

July 26, 2011 07:30PM

Manhattan-based HighCap Group has sold the first mortgage note secured by the property at 41-17 Crescent Street in Long Island City, according to a statement released today by its managing principals Josh Goldflam and Laurence Ross. The note was sold last week, according to Goldflam, but he declined to identify the buyer. The mortgage was purchased at a discounted price from its par value of approximately $48 million.

The site, now a Karl Fisher-designed full-service apartment building better known as the Crescent Club, broke ground in 2007, but like many projects stalled due to adverse market conditions. The 17-story luxury building has approximately 150,000 square feet and 130 apartments, plus retail and a parking garage, and is opposite the Queens Plaza train station.

The building currently has six apartments for sale between $485,000 and $775,000, according to Streeteasy.com.

“The area around Queens Plaza, once a grungy transit hub, has emerged as a hot spot for luxury apartments and trendy hotels,” Goldflam and Ross said in the statement, “with an influx of new businesses helping to transform the landscape to a younger and trendier demographic looking for an alternative and convenience to pricier Manhattan.
— Miranda Neubauer