Financing has been secured for a new eleven-story conversion at 25-11 49th Avenue, in Long Island City, Queens. The site was sold to Normandy Real Estate Partners and Keystone Equities in September 2016 for $39.1 million, at over $200 per buildable square foot. The rendering reveals their plan is to refurbish the existing two-story facility, build up eight stories along half the extant area, while using the other half of the roof for green space.
$81 million has been secured in acquisition and construction financing for conversion of the warehouse into office space. A mortgage from Deutsche Bank coincided with the site’s purchase, allowing groundbreaking to happen very quickly. According to The Real Deal, the developers secured the deal with Drake Street Partners and another unidentified investor.
The site will grow from 135,000 square feet to 238,000 square feet, with completion expected by 2019. Hunters Point Avenue is the nearest Subway Station, about four blocks away, and is serviced by the 7 trains.
Normandy is also responsible for the redevelopment of another warehouse in Long Island City, located at 43-10 23rd Street. They purchased a stake in the site last year for $54 million. The six-story structure will be fully converted, with a renovated lobby, and expansion. It is located just blocks away from the Queensboro Plaza Subway Station, surrounded by recent development.