{"id":1004206954,"date":"2018-02-14T06:20:17","date_gmt":"2018-02-14T14:20:17","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004206954"},"modified":"2022-12-07T06:36:28","modified_gmt":"2022-12-07T14:36:28","slug":"repositioning-of-queens-asset-lands-81m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/repositioning-of-queens-asset-lands-81m\/","title":{"rendered":"Repositioning of Queens Asset Lands $81M in Financing"},"content":{"rendered":"<p>By IvyLee Rosario<\/p>\n<div id=\"attachment_1004206956\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/02\/25-11_49th_Normandy_EXT_S010_Hero_R01-002.jpg\" target=\"_blank\" rel=\"noopener noreferrer\"><img decoding=\"async\" aria-describedby=\"caption-attachment-1004206956\" data-attachment-id=\"1004206956\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/repositioning-of-queens-asset-lands-81m\/25-11_49th_normandy_ext_s010_hero_r01-002\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/02\/25-11_49th_Normandy_EXT_S010_Hero_R01-002.jpg\" data-orig-size=\"800,620\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;4&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;FC6520&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;1498682527&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;9&quot;,&quot;iso&quot;:&quot;400&quot;,&quot;shutter_speed&quot;:&quot;0.025&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;1&quot;}\" data-image-title=\"Rendering of 25-11 49th Ave., Long Island City, Queens, N.Y.\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;Rendering of 25-11 49th Ave., Long Island City, Queens, N.Y. &lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/02\/25-11_49th_Normandy_EXT_S010_Hero_R01-002.jpg?w=800\" loading=\"lazy\" class=\"wp-image-1004206956 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/02\/25-11_49th_Normandy_EXT_S010_Hero_R01-002.jpg\" alt=\"Rendering of 25-11 49th Ave., Long Island City, Queens, N.Y. \" width=\"300\" height=\"233\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/02\/25-11_49th_Normandy_EXT_S010_Hero_R01-002.jpg 800w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/02\/25-11_49th_Normandy_EXT_S010_Hero_R01-002.jpg?resize=300,233 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/02\/25-11_49th_Normandy_EXT_S010_Hero_R01-002.jpg?resize=768,595 768w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004206956\" class=\"wp-caption-text\">Exterior rendering of 25-11 49th Ave., Long Island City, Queens, N.Y.<\/p><\/div>\n<p>Normandy Real Estate Partners has secured $81 million for its acquisition and repositioning of 25-11 49th Ave. in Long Island City, Queens, N.Y. NKF Capital Markets arranged the loan in partnership with Keystone Equities and Drake Street Partners through Deutsche Bank.\u00a0<\/p>\n<p>Long Island City has been booming with activity in both residential and commercial development, with nearly 11,500 new residential units completed since 2006 and another 22,450 in the current pipeline.<\/p>\n<p><em>&#8220;Long Island City is experiencing a renaissance and Normandy and their partners have been a big part of that,&#8221;\u00a0<\/em>Dustin Stolly, vice chairman &amp; co-head of\u00a0NKF Capital Markets&#8217; Debt &amp; Structured Finance, told <em>Commercial Property Executive. &#8220;This project is an exciting time for Queens, as development has brought in residents, jobs and has contributed to the vitality of the neighborhood.&#8221;<\/em><\/p>\n<h2>Conversion Plans\u00a0<\/h2>\n<p>The property\u00a0is currently a vacant, two-story building comprising 135,000 square feet. The loft-style asset will be converted and expanded into an 11-story, 238,000-square-foot structure. The nine stories that will be built atop the existing property are all fully pre-leased. The financing will be used for a capital plan that will entail new office entrances, elevators, a new HVAC system, a spacious rooftop deck with an outdoor amenity space, new lobby and common areas, larger windows and new safety and electrical systems. Ownership plans on re-leasing the newly renovated space to a variety of tenants, but primarily those in the creative and TAMI sectors. The project is scheduled for completion by the summer of 2019.\u00a0<\/p>\n<div id=\"attachment_1004206960\" style=\"width: 310px\" class=\"wp-caption alignleft\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/02\/25-11_49th_Normandy_EXT_S040_Office_R01-002-00000002.jpg\" target=\"_blank\" rel=\"noopener noreferrer\"><img decoding=\"async\" aria-describedby=\"caption-attachment-1004206960\" data-attachment-id=\"1004206960\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/repositioning-of-queens-asset-lands-81m\/25-11_49th_normandy_ext_s040_office_r01-002-00000002\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/02\/25-11_49th_Normandy_EXT_S040_Office_R01-002-00000002.jpg\" data-orig-size=\"800,620\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;1&quot;}\" data-image-title=\"25-11_49th_Normandy_EXT_S040_Office_R01 (002) (00000002)\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;Rendering of interior office space at 25-11 49th Ave., Long Island City, Queens, N.Y. &lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/02\/25-11_49th_Normandy_EXT_S040_Office_R01-002-00000002.jpg?w=800\" loading=\"lazy\" class=\"wp-image-1004206960 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/02\/25-11_49th_Normandy_EXT_S040_Office_R01-002-00000002.jpg\" alt=\"Rendering of interior office space at 25-11 49th Ave., Long Island City, Queens, N.Y. \" width=\"300\" height=\"233\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/02\/25-11_49th_Normandy_EXT_S040_Office_R01-002-00000002.jpg 800w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/02\/25-11_49th_Normandy_EXT_S040_Office_R01-002-00000002.jpg?resize=300,233 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/02\/25-11_49th_Normandy_EXT_S040_Office_R01-002-00000002.jpg?resize=768,595 768w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004206960\" class=\"wp-caption-text\">Interior rendering of\u00a025-11 49th Ave., Long Island City, Queens, N.Y.<\/p><\/div>\n<p><em>&#8220;This property is ideally located near main transportation hubs, which represent part of the growing appeal of this neighborhood,&#8221;<\/em>\u00a0noted\u00a0Stolly, in a prepared statement. <em>&#8220;This is an excellent opportunity for tenants, and it will allow them to recruit and retain quality talent.&#8221;<\/em><\/p>\n<p>Stolly, along with Vice Chairman &amp; Co-Head\u00a0Jordan Roeschlaub, brokered the loan. The pair also recently arranged the transaction of a $72.8 million loan provided by MetLife Investment Management for the refinancing\u00a0of\u00a0240-246 West 35th St., an <a href=\"https:\/\/www.commercialsearch.com\/news\/metlife-investment-lines-up-73m-refi-for-manhattan-office\/\">office building in Manhattan<\/a>.\u00a0<\/p>\n<p><em>Image courtesy of NKF Capital Markets\u00a0<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>NKF Capital Markets arranged the loan on behalf of Normandy Real Estate Partners, for the acquisition and repositioning of 25-11 49th Ave. in Long Island City. <\/p>\n","protected":false},"author":746,"featured_media":1004206956,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21782,21825,1600,21742,10,21747],"tags":[32791,39112,36007,33267],"class_list":["post-1004206954","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-development","category-finance","category-new-york","category-latest","category-northeast","category-office","tag-deutsche-bank","tag-dustin-stolly","tag-newmark-knight-frank","tag-normandy-real-estate-partners"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - 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