The Independent at 42-12 Crescent St. in Long Island City, Queens/ Image by Google Maps
NEW YORK CITY— Meadow Partners received a $22.73 million loan from Sterling National Bank to convert The Independent, a 13-story multifamily rental building in Long Island City, Queens into condominiums. Located in the Queensboro Plaza neighborhood at 42-12 Crescent St., the building is called The Independent. It comprises 32,102 square feet of residential space across 48 units and 754 square feet of ground-floor retail space.
A JLL capital markets team led by Jonathan Schwartz, Aaron Appel, Michael Diaz and Matt Collins handled the debt assignment.
“Meadow Partners plans to convert 42-14 Crescent Street to condominiums to capitalize on the limited supply of for-sale product in Long Island City's surging residential market,” says Appel. “Long Island City has established itself as a thriving, diverse neighborhood that offers superior housing options proximate to Manhattan, but at a significant discount.”
Schwartz notes that the building was built to condominium level standards in 2016, so there will only be minor work without requiring substantial construction for upgrades. The residential portion consists of market-rate apartments which currently are fully leased. Schwartz tells GlobeSt.com that the building is on a leasehold and has a 15-year 421-a abatement. Sales of the condominium units will begin next month.
Meadow Partners, a real estate investment and asset management firm was founded in 2009 by Jeffrey M. Kaplan, who previously was the managing principal and co-chairman of the investment committee at Westbrook Partners. His two partners, J. Andrew McDaniel in London and Timothy P. Yantz, based in New York City, also came from Westbrook.
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Betsy Kim
Betsy Kim was the bureau chief, East Coast, and New York City reporter for Real Estate Forum and GlobeSt.com. As a lawyer and journalist, Betsy has worked as the director of editorial and content for LexisNexis Lawyers.com, a TV/multi-media journalist for NBC and CBS affiliated TV stations in the Midwest, and an associate producer at Court TV.
