Muss Development scores $75M loan for Forest Hills building

AXA Equitable Life Insurance Company is the lender

New York /
Jul.July 06, 2018 03:20 PM

Jason Muss and 118-35 Queens Boulevard (Credit: Only Brooklyn and Google Maps)

Muss Development landed a $75.4 million loan for the Forest Hills Tower at 118-35 Queens Boulevard.

The 16-story, 519,000-square-foot property was once the headquarters of JetBlue Airways. A huge portion of the building was also leased short-term to the Federal Emergency Management Agency after Hurricane Sandy in 2012.

The lender for the loan is AXA Equitable Life Insurance Company, which assumed the $72.8 million unpaid balance from a 2016 mortgage provided by Ladder Capital. The new loan package also includes a $2.5 million gap mortgage.

Muss, founded in 1906, completed construction on the building in 1981. It is home to several city agencies. The New York City Department of Citywide Services signed a 20-year, 16,900-square-foot deal in the building last November. That lease was signed on behalf of the New York City Police Department. The DCAS also operates a civil service testing center in the building. Other tenants in the property include the Plaza College and the Child Center of New York.

Muss did not immediately respond to a request for comment.


Related Articles

arrow_forward_ios
ICSC at Las Vegas (photos by Joe Lovinger and Suzannah Cavanaugh/The Real Deal)
“Hot girl real estate” reigns at ICSC, Covid be damned
“Hot girl real estate” reigns at ICSC, Covid be damned
(iStock)
Banks, tech among departures sinking Midtown office market
Banks, tech among departures sinking Midtown office market
Irvine Company chairman Donald Bren, Tishman Speyer CEO Rob Speyer, and 200 Park Avenue (Getty Images, Irvine Company, iStock)
Capital Grille signs with Tishman Speyer, Irvine at MetLife Building
Capital Grille signs with Tishman Speyer, Irvine at MetLife Building
Amazon CEO Andy Jassy (Getty Images, iStock)
Amazon to scrap industrial properties in warehouse strategy flip
Amazon to scrap industrial properties in warehouse strategy flip
L-R: Savanna's Chris Schlank, Eastdil Secured's Will Silverman, JLL's Bob Knakal (Photos by Paul Dilakian)
Office royalty talk conversions, distress and the “downsize upgrade” trend
Office royalty talk conversions, distress and the “downsize upgrade” trend
Columbia Property Trust's Nelson Mills and 799 Broadway (Columbia Property Trust, 799 Broadway, iStock)
Columbia Property Trust signs investment firm to 71K sf at 799 Broadway
Columbia Property Trust signs investment firm to 71K sf at 799 Broadway
East End Capital's Jonathon Yormak and 141 East Houston Street (141 East Houston Street, East End Capital)
Boutique LES office scores blockchain firm as anchor tenant
Boutique LES office scores blockchain firm as anchor tenant
Vice Media CEO Nancy Dubuc and 225 Broadway (Getty Images, Google Maps, iStock)
Refinery29 subleasing at 225 Broadway for move in with Vice
Refinery29 subleasing at 225 Broadway for move in with Vice
arrow_forward_ios

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

Loading...