February 1, 2013
By Veronica Grecu, Associate Editor
One of the leading commercial real estate finance companies in the U.S., Walker Dunlop LLC of Bethesda, Md., recently announced that it provided $120 million financing for a high-rise apartment building in Long Island City, N.Y. The financing team lead by Walker Dunlop’s Steven Heller arranged a 10-year loan through Fannie Mae with a 5-year interest, followed by a 30-year amortization period.
Owned by TF Cornerstone Equities, the multifamily building located at 45-40 Center Blvd. is part of Stage Two of a master plan called Queens West Development. When completed, the development will include seven mixed-use residential buildings, 3,000 apartment units abd 1,825 parking spaces and retail spaces.
45-40 Center Boulevard includes 345 luxury residential units with spectacular views of the Manhattan skyline. The upscale amenity package includes a concierge valet, a rooftop terrace and a full-service restaurant on the ground level.
In further residential real estate news, The Edge in Williamsburg was the top selling building in New York City for the second year in a row, according to a PropertyShark market report. With 272 units sold in 2011 and 167 units sold in 2012 at a median price of $804,418, the property is now completely sold.
The next top selling buildings include the Sheffield in Midtown West—with 102 units sold at a median price of $1,453,231, followed by 99 John Deco Lofts in the Financial District—where 84 units were sold in 2012 at a median price of $675,000. The fourth-top selling building on PropertyShark’s list is One Brooklyn Bridge Park in Brooklyn Heights that saw 82 units sold in 2012 with a median price of $965,000.
Chart courtesy of PropertyShark
For more market data from New York City, click here.
