251-73 Jericho Turnpike, Bellrose, Queens
NEW YORK CITY—AB Capstone closed on a $21.4 million first mortgage loan from Madison Capital Realty for a building located at 251-73 Jericho Turnpike in Bellrose, Queens. The borrower will use the funds to refinance previous debt, and to support final leaseup and stabilization of the property which serves as collateral for the loan.
The 78,313-square-foot commercial building is approximately 70% leased to six office and retail tenants. Several additional leases are currently in the final stages of negotiation and will bring the building to full stabilization.
“This was a great opportunity to finance a high-quality asset with an experienced sponsor and a substantial value proposition given the strong level of demand for retail and office use in the submarket,” says Josh Zegen, co-founder and managing principal of MRC.
The site has 190 feet of frontage along Jericho Turnpike and 53 feet along Little Neck Parkway. Multiple entrances accommodate various uses throughout the building, including medical and traditional offices, fitness and health and additional retail on the ground floor. Tenant spaces also include a mix of white box buildout and simple turn-key offices. The property also includes a 78-car parking lot.
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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.
