(To read more on the multifamily market and the debt and equity markets, click here.)

NEW YORK CITY-Hudson Realty Capital LLC has funded a 12-month, $8-million bridge loan to a bankruptcy remote entity based in New York. The loan will be used by its sponsors to eventually develop a 12-story residential condominium building in Long Island City.

Preliminary plans for the property feature 81-luxury units and structured parking with 60 spaces. Condo units on the sixth through the 12th floors will have unobstructed views of Manhattan and the East River, which is two blocks from the property. The total purchase price for the property was $12.6 million. The address will be 515-525 Borden Ave.

"We have mixed feelings about Long Island City," HRC managing director Spencer Garfield tells GlobeSt.com. "We feel it is a good investment and a good value on smaller projects. With prices one-half or three-quarters that of Manhattan, the value is there. But not at the larger, high-end luxury projects."

Recommended For You

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM Digital Member, you’ll receive:

  • Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
NOT FOR REPRINT

© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.