89-25 and 89-26 162nd St. (highlighted), Jamaica, Queens/ Image provided by Cushman & Wakefield
NEW YORK CITY—General Atlantic Construction in a partnership with multiple investors will be demolishing the property at 89-26 162nd St., where currently a convent stands. They will build on that site in addition to 89-25 162nd St., which now is a parking lot. The property owners will construct a multifamily development with approximately 237,000 buildable square feet.
Lightstone Capital Markets provided a $13.4 million bridge loan for the development. The Cushman & Wakefield equity, debt & structured finance team of Preston Flammang, Jessica Ke and Anthony D'Amelio, with Stephen Preuss in the firm's New York middle markets investment sales team represented Great Atlantic.
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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.
