Newmark Capital Markets is pleased to announce that it has successfully secured, as exclusive advisors to Normandy Real Estate Partners, an $81M loan in partnership with Keystone Equities and Drake Street Partners, to facilitate the acquisition and repositioning of 25-11 49th Avenue in Long Island City, Queens. The loan, provided by Deutsche Bank, was brokered by Newmark Capital Markets’ Vice Chairmen and Co-Heads, Debt & Structured Finance, Dustin Stolly and Jordan Roeschlaub.
Plans at 25-11 49th Avenue call for a vacant two-story, 135,000-square-foot loft-style property to be converted and expanded into one with 11 stories and 238,000 square feet. The developers expect to complete the project by summer 2019. The nine stories to be built atop the existing structure, situated in the heart of the burgeouning factory district in Long Island City, are fully leased. The financing will facilitate a capital plan that will involve a full repositioning of the structure, which will encompass new office entrances, a new lobby and common areas, new elevators, new and larger windows, new HVAC systems, new safety and electrical systems and a spacious roof deck with an outdoor amenity space. Ownership plans on re-leasing the newly renovated space to a variety of tenants, but primarily those in the creative and TAMI sectors.
“It was a pleasure working with Normandy and Deutsche Bank to facilitate the transformation of 25-11 49th Avenue,” said Dustin Stolly. “This property is ideally located near main transportation hubs, which represent part of the growing appeal of this neighborhood. This is an excellent opportunity for tenants, and it will allow them to recruit and retain quality talent.”
Long Island City has recently experienced a renaissance in both residential and commercial development, with nearly 11,500 new residential units completed since 2006 and another 22,450 in the process of being completed. 25-11 49th Avenue’s prime positioning puts it at the forefront of Long Island City’s revitalization and provides tenants with a stellar option in this booming neighborhood.
About Newmark Capital Markets
Newmark Capital Markets, operated by Newmark Group, Inc., is one of the world’s leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, our 15,000 professionals operate from more than 400 offices in established and emerging property markets on six continents.
With roots dating back to 1929, our strong foundation makes us one of the most trusted names in commercial real estate. We provide access to a wide range of services, including asset sales, sale leasebacks, mortgage and entity-level financing, equity raising, underwriting and due diligence. The transactions we broker involve vacant land, new real estate developments and existing buildings. We specialize in arranging financing for most types of value-added commercial real estate, including land, condominium conversions, subdivisions, office, retail, industrial, multifamily, student housing, hotels, data center, healthcare, self-storage and special use. For further information, visit www.ngkf.com/capitalmarkets.
Newmark Group, Inc., which is listed on the NASDAQ Global Select Market under the symbol “NMRK”, is a publicly traded subsidiary of BGC Partners, Inc. (“BGC”), a leading global brokerage company servicing the financial and real estate markets. BGC’s common stock trades on the NASDAQ Global Select Market under the ticker symbol “BGCP”. BGC also has an outstanding bond issuance of Senior Notes due June 15, 2042, which trade on the New York Stock Exchange under the symbol “BGCA”.
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