Madison Realty Capital (MRC) announced the closing of $66 million of financing for a 100,500 s/f retail and office property, a 24,000 s/f retail condominium, and an 88-car parking garage in Flushing, Queens.
The properties are located adjacent to one another at the corner of Main Street and Sanford Avenue, in the heart of Flushing’s thriving commercial center.
MRC was able to analyze the underlying value across multiple property types in order to structure a customized financing solution, which enabled the borrower to recapitalize the properties from the special servicer who was managing the assets.
41-60 Main Street is a three-story mixed-use office and retail building located in the center of Flushing, Queens.
The retail condominium at 133-38 Sanford Avenue consists of 24,000 s/f evenly distributed over two floors.
Josh Zegen, co-founder and managing principal of MRC, commented, “We have analyzed the Flushing market extensively and feel that it is among New York’s strongest, and these commercial assets are perfectly positioned to benefit from their stellar location at one of Flushing’s busiest corners.”
The properties are centrally located in an active section of Flushing. The area has seen significant business and job growth for several years, with real estate sales and rental pricing strengthening as a result. Flushing is also in the immediate vicinity of attractions like Citi Field and the USTA’s National Tennis Center.
Zegen added, “Flushing is one of the most sought after neighborhoods in Queens given its incredible small business growth, diversity, great proximity to transportation, retail, and overall convenience.”