The Real Deal New York

Circle F picks up old LIC zipper factory site for condo project

Developer plans to construct an eight-story, 40-unit resi building
By Eddie Small | January 03, 2018 04:10PM

Rendering of 533-539 48th Avenue

UPDATED, 4:51 p.m., Jan. 3: Circle F Capital is planning to bring another condominium project to Long Island City after purchasing land near the waterfront for $24.5 million.

The highly leveraged deal, which includes a $22.75 million acquisition and construction loan from Centennial Property Finance, is for a former zipper factory at 533-539 48th Avenue. Circle F plans to construct an eight-story building with about 40 residential condos, according to David Feldman, managing member at the company. He said they have not yet determined the overall cost of the project, which will also include parking spots, storage space and ground-floor retail.

Circle F purchased the site from the Avdoulos family, and Feldman hopes to start selling units by the end of the year.

Aaron Grumet of DY Realty Services brokered the deal for both the buyer and the seller, and the Avdoulos family will keep the ground floor and cellar under the terms of the transaction.

An Eastern Consolidated team led by Adam Hakim, James Murad and Andrew Iadeluca arranged the financing.

Circle F is also planning an 11-story mixed-use building with 71 residential units in Long Island City at 22-43 Jackson Avenue. The company has received $46.2 million in construction financing for this project from Brookfield Asset Management, according to Feldman.

Long Island City had three condo projects on The Real Deal’s 2017 list of most valuable Queens condo filings: the $225.5 million China Vanke and Adam America project at 22-12 Jackson Avenue, the $39.4 million Yan P. Zhu project at 27-05 41st Avenue and the $39 million D.A. Development project at 25-12/16 37th Avenue.