$81 million has been secured in acquisition and construction financing for conversion of the warehouse into office space. A mortgage from Deutsche Bank coincided with the site’s purchase, allowing groundbreaking to happen very quickly. According to The Real Deal, the developers secured the deal with Drake Street Partners and another unidentified investor.
The site will grow from 135,000 square feet to 238,000 square feet, with completion expected by 2019. Hunters Point Avenue is the nearest Subway Station, about four blocks away, and is serviced by the 7 trains.
Normandy is also responsible for the redevelopment of another warehouse in Long Island City, located at 43-10 23rd Street. They purchased a stake in the site last year for $54 million. The six-story structure will be fully converted, with a renovated lobby, and expansion. It is located just blocks away from the Queensboro Plaza Subway Station, surrounded by recent development.
1 Comment on "Financing Secured, Rendering Revealed for 25-11 49th Avenue, Long Island City, Queens"
Please pardon me for using your space: A building is safe enough to use, so stick its label to public for development.