Cushman & Wakefield has closed on a $104 million land loan, collateralized by a development site just north of One Court Square in the Long Island City neighborhood of Queens.
Long Island City is one of New York’s most vibrant, emerging neighborhoods, and Cushman & Wakefield said it is active raising capital with many sponsors in this area.
The site consists of nine parcels and holds up to 780,000 s/f of development potential for residential, office, retail, and hotel use.
“Our client has a keen eye for undervalued development sites and was able to tie this up at a great basis. We found a great lender who also recognized the upside in the Long Island City submarket, and closed the loan within five weeks,” said Cushman & Wakefield’s Morris Betesh, who exclusively handled this transaction.
“We are excited about the future potential for this site and the creative development we know our client will deliver.”
