HighCap Group sells note backed by Long Island City property

New York /
Jul.July 26, 2011 07:30 PM

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


Related Articles

arrow_forward_ios
24-09 Jackson Avenue in Long Island City, Queens (Google Maps, Wikipedia)
Stalled LIC hotel development site up for sale
Stalled LIC hotel development site up for sale
Developers break ground on 500-unit LIC project with $220M loan
Developers break ground on 500-unit LIC project with $220M loan
Developers break ground on 500-unit LIC project with $220M loan
Longfellow inks first NYC purchase with stake in LIC life sciences property
Longfellow inks first NYC purchase with stake in LIC life sciences property
Longfellow inks first NYC purchase with stake in LIC life sciences property
City’s tallest warehouse could be coming to Queens
City’s tallest warehouse could be coming to Queens
City’s tallest warehouse could be coming to Queens
Carlyle's Kewsong Lee and Jason Hart with 22-22 Jackson Avenue (Carlyle Group, ODA Architecture)
For $85M, Carlyle nabs another LIC resi building
For $85M, Carlyle nabs another LIC resi building
Residents at Sven in Long Island City will be able to control the light show atop their building, as well as some in Manhattan. (Spireworks)
LIC tower giving residents chance to light up night
LIC tower giving residents chance to light up night
Amazon eyeing 400K sf office in Jersey City
Amazon eyeing 400K sf office in Jersey City
Amazon eyeing 400K sf office in Jersey City
Clay Grubb (Glen Lennox, Getty)
Grubb Properties tests affordable housing model in NYC
Grubb Properties tests affordable housing model in NYC
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...