North River Company (NRC) and North Colony Asset Management (NC) have refinanced the Matsil Building in Long Island City with a $51 million loan from affiliates of AIG.
Cushman & Wakefield served as the exclusive advisor to a joint venture owners is securing the fixed rate financing for the 312,513 s/f industrial property that is fully leased to Maquette Fine Art Services, Ralph Lauren Corporation and Motorola Solutions and features an adjacent half-acre parking lot and direct interior loading docks.
NRC and North Colony bought the one-time factory building from Metropolitan Realty Associates and TH Real Estate for $72 million in 2018.
“Since acquiring the property in December 2018, ownership has had tremendous success implementing its repositioning plan,” said Alexander Hernandez, executive managing director with Cushman & Wakefield and a member of the loan advisory team that included Steve Kohn, Emily Johansen and Josh King working directly with NRC’s Chris Flagg, Chris Pachios and Forrest Mas.
“We were able to capitalize on recent leasing successes at the property, coupled with upside potential from existing below-market leases, to arrange a long-term refinancing of the property at very attractive terms,” added Hernandez.
Located at 48-49 35th Street, the three-story Matsil building is one block from the Long Island Expressway and three blocks from both Queens Boulevard and the 33rd Street MTA station, which provides direct access to Manhattan via the 7 train.
“Our ability to reposition the asset and lease the building to 100 percent occupancy during a global pandemic is proof that industrial and Long Island City are resilient and will continue to outperform in a challenging real estate market,” said Pachios.
NRC and NC also own The Anable Building, a 140,000 s/f industrial building located at 33-02 48th Avenue. Ownership recently came to market with 21,840 s/f which is being marketed for lease by Joe Hentze of Hentze-dor Real Estate.