1120 Caerus.
NEW YORK CITY – Long Island City and the neighboring Greenpoint submarkets are still an attractive bet for office investors and lenders drawn to the location that boasts various forms of transportation and close proximity to Manhattan. The office market won't let up; it is still going strong, even after online e-commerce giant Amazon opted not to plant the flag there for its national headquarters.
In LIC and Greenpoint, Caerus Group, a New York City-based real estate development and management firm, has secured a $30.5 million fixed-rate loan from national real estate lender Argentic on a 65,000-square-foot office portfolio.
The capital placement confirmed for the parties involved that the submarkets continue to show great promise, Daniel Fromm, senior managing director at Newmark Knight Frank, who assisted in securing the financing, tells GlobeSt.com. "This transaction is a further testament to the strong demand of office space in the Greenpoint/Long Island City submarket," he said.
Comprised of two office buildings at 100 percent occupancy, the properties at 74 Kent Ave. in Greenpoint and 11-20 46th Road in Long Island City, are newly repositioned Class A assets with a tenant roster that includes NYU Langone, a Fortune 500 subsidiary and a regional education services provider.
The properties renovated layouts, use of space and location led to quick absorption of the square footage, which helped to attract the well credited-tenants, according to Leo Tsimmer, senior managing partner at Caerus Group.
"Modern office users are coming to the area specifically looking for quality-redeveloped class-A office space in which to do business and to attract and retain talent," Fromm said.
Situated in the high-growth submarkets of Long Island City and Northern Brooklyn, the properties' tenancy is expected to deliver consistent cash flow and mitigate ongoing leasing costs, according to Jordan Roeschlaub, vice chairman and co-head of Debt & Structured Finance at NKF.
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Mariah Brown
Mariah Brown is the New York Bureau Chief and Real Estate Reporter for GlobeSt.com, covering the New York Metro area, Northeast region and national real estate trends. She is responsible for producing multi-media content, including articles, podcasts and video. Before joining the GlobeSt team, she served as a New York Times fellow, reported for the Associated Press in New York and Philadelphia and several other New York City-based outlets.
