World Wide to buy LIC office-to-rental conversion for $70M

Meadow Partners in the process of building 124 units at 42-15 Crescent Street

New York /
Feb.February 25, 2016 01:45 PM

Just months away from wrapping up the conversion of a Long Island City office building into 124 rental apartments, Meadow Partners is in contract to sell it to the World Wide Group for about $70 million, sources told The Real Deal.

The 111,000-square-foot property at 42-15 Crescent Street, near Queens Plaza South, would more than triple in value by March, when the deal is expected to close for about $630 per square foot.

Meadow, a Midtown East investment firm led by Jeffrey Kaplan, paid $19 million for the nine-story office building on the site in 2012. The following year, Meadow filed conversion plans and secured a $30 million senior loan for the project.

Upon closing on the purchase, World Wide, a Midtown East development firm led by James Stanton, will take over construction and then lease the apartments and the ground-floor retail. Leasing is yet to launch.

Avinash Malhotra, whose Flatiron District-based firm Avinash K. Malhotra Architects is designing the project, said the building is on pace to be completed later this year.

Rosewood Realty Group’s Aaron Jungreis, who is brokering the sale, declined to comment, as did a representative for Meadow Partners. World Wide could not be reached.

The market-rate rental building will be the latest in a string of new rental properties cropping up in Long Island City, particularly in the hamlet of Hunters Point. Earlier this month, developer Chris Jiashu Xu filed plans for a 79-story, 774-unit residential tower at 23-15 44th Drive, set to be the area’s tallest tower.

Across the street, Meadow is at work on the ground-up construction of a 13-story, 48-unit rental project at 42-14 Crescent Street. And Weiss Realty recently bought a 130-unit rental at 41-17 Crescent Street for $97 million, or nearly $700 a foot.

World Wide and Meadow have done deals before. In January, World Wide bought a 130-unit rental in Greenpoint from Kaplan’s firm, paying $103 million in the priciest-ever acquisition of a residential asset in the neighborhood.


Related Articles

arrow_forward_ios
Renderings of Amazon HQ2 and Amazon CEO Jeff Bezos (Photos via NBBJ/Getty)
Amazon unveils woodsy plans for HQ2
Amazon unveils woodsy plans for HQ2
Linc LIC and Jackson Park (RockRose, Tishman Speyer)
Two huge Long Island City rentals see occupancy plummet
Two huge Long Island City rentals see occupancy plummet
A rendering of the site at 41-50 21st Street in Long Island City (Rendering via FX Collaborative)
LIC Opportunity Zone dev site asks $60M
LIC Opportunity Zone dev site asks $60M
Innovo Property Group's Andrew Chung and the LIC property. (IPC)
Andrew Chung plans massive industrial project in Long Island City
Andrew Chung plans massive industrial project in Long Island City
TF Cornerstone president Fredrick Elghanayan and an aerial of 54-01, 54-19 2nd Street in Long Island City (Credit: TF Cornerstone and Google Maps)
No Amazon, no problem: TF Cornerstone plans 1,400 apartments in LIC
No Amazon, no problem: TF Cornerstone plans 1,400 apartments in LIC
Renderings by Archimaera
LIC will soon house the nation’s largest passive house office
LIC will soon house the nation’s largest passive house office
The Factory building at 30-30 47th Avenue with Square Mile Capital’s Craig Solomon and Invesco CEO Marty Flanagan (Photos via The Factory; Square Mile; Invesco)
Here’s what tenants are paying at the Factory in Long Island City
Here’s what tenants are paying at the Factory in Long Island City
Square Mile Capital’s Craig Solomon and Hackman Capital Partner’s Michael Hackman with Silvercup Studios at 42-22 22nd Street in Long Island City (Hackman; Silvercup Studios)
Hackman and the City: Hackman, Square Mile buy Silvercup Studios
Hackman and the City: Hackman, Square Mile buy Silvercup Studios
arrow_forward_ios

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

Loading...