JLL Capital Markets has arranged $24 million in acquisition financing for 24-02 Queens Plaza South, a single-tenant flex building in Long Island City, Queens.
JLL worked on behalf of the borrower Botanic Properties, to secure the fixed-rate acquisition financing through MSD Partners.
The three-story, 97,047-rentable-square-foot property is currently 100 percent leased to Apex Technical School. Apex Technical School has occupied the property since 2012.
Botanic acquired the property for $40 million in a deal brokered by Newmark Knight Frank (NKF).
Upon expiration of the school’s lease term, Botanic, a developer focused on addressing the needs of the life science sector, plans to construct a 270,000 s/f commercial facility at the site.
The 24,500 s/f parcel commands the entire 240 ft. blockfront along 24th Street and 100 ft. of frontage along both Queens Plaza South and 42nd Road.
“The QPS transaction illustrates that developers with a clear vision and strong commitment to the long-term resilience and viability of New York City can get the deal done,” said Bill Harvey, managing director of Atlas Capital Group, the seller..
According to Newmark Research, new construction in Long Island City continues to grow with currently 943,860 s/f under construction. In late June, plans were announced for a mixed-use development that will include 250,000 square feet of office space near Astoria.
The JLL Capital Markets team representing Botanic in the loan was led by Christopher Peck, Steve Klein and Thomas Pryor.
“Long Island City is highly attractive to businesses seeking value rents, highly-educated employees, abundant transit options, proximity to peer companies and a dynamic live, work, play environment,” Peck said.