NEW YORK, Jan. 30, 2019 (GLOBE NEWSWIRE) -- Greystone Development, a New York-based real estate development company, today announced it has sold the residential component of 24-16 Queens Plaza South in Long Island City for an undisclosed amount. Drew Fletcher, head of Greystone’s capital markets advisory team, negotiated the sale on behalf of Greystone Development and arranged the acquisition financing for the purchaser, a joint-venture between affiliates of Silverback Development and AEW Capital Management. The sale closed on January 28th.
The development is currently 60% complete, with Silverback stepping in to complete construction and convert the project from a multifamily rental apartment building into for-sale condominiums targeted to buyers looking to take advantage of the tremendous growth in Long Island City. Mr. Fletcher’s team, including Matthew Hirsch and Matthew Klauer, arranged a $54 million acquisition and construction loan from Benefit Street Partners for the completion and stabilization of the project. The project was grandfathered under the prior 421a tax abatement program, which provides a tax exemption for a construction period of up to three years followed by a 15-year-long tax exemption period post-construction.
“Working on behalf of Silverback and AEW to secure financing for this acquisition has been a pleasure, especially since the asset has been in Greystone’s portfolio since 2016. It’s truly a phenomenal investment with all there is to come for this neighborhood,” said Mr. Fletcher.
“We are thrilled to have taken part in the shaping of Long Island City into a residential destination, and have truly enjoyed the challenges and satisfaction of a conversion from a utilitarian commercial space to a lifestyle oasis that hundreds of residents will call home,” said Thomas Ryan, head of Greystone Development.
Originally acquired in 2016, Greystone completed a significant conversion from an existing five-story Post Office building dating back to 1925 into a 23-story tower with 109 residential units. Greystone worked in collaboration with architectural firm Woods Bagot to design a striking undulating façade that complements the burgeoning Long Island City skyline. Located adjacent to several subway lines, the project offers both convenience and a unique, fluid perspective in a sea of sharp angles, as well as a thoughtfully-designed amenities package.
“The design merges the heritage of the existing building with a contemporary tower above it. With Amazon having now chosen to call Long Island City home, this dynamic mix of historic and forward-looking architecture will be a strong contributor to the neighborhood,” Jeremy Singer, managing principal of Woods Bagot’s New York studio.
About Greystone Development
Greystone Development is a full-service real estate developer. Since 1992, Greystone has acquired, repositioned and developed over $2 billion in properties nationwide spanning approximately 3.5 million square feet. Our portfolio is diverse, comprised of condominium, rental, office, retail, mixed use and healthcare properties. Greystone Development is currently developing real estate projects in premier markets such as New York and Miami. For more information, visit www.greystonedevelopment.com. Greystone Development is a part of the Greystone group of companies, active in real estate lending, investment and advisory. For more info, visit www.greyco.com.
About Silverback Development
Silverback Development is a tactical and forward-thinking real estate developer, owner and investor, employing a pioneering approach to the creation of architecturally distinct properties that enrich the landscape of urban markets. Founded by next-generation industry leader Josh Schuster, the company oversees an active pipeline of more than $2 billion nationwide and is engaged in developing more than $550 million of real estate. These include condominium developments in Gramercy Park East and Brooklyn Heights, a rental development in upper Manhattan, one of the tallest luxury rental developments in Fort Lauderdale, as well as projects in Stamford, Connecticut and Washington, D.C. Additionally, Silverback is involved in repositioning several commercial projects, including a former hospital in Queens, New York and various office buildings around New York City. For more information, visit www.slvrb.com.
About AEW
AEW is one of the world's largest real estate asset managers, with over €62bn of assets under management as of 30 June 2018. AEW has over 600 employees, with its main offices located in Boston, London, Paris and Hong Kong and offers a wide range of real estate investment products including comingled funds, separate accounts and securities mandates across the full spectrum of investment strategies. AEW represents the real estate asset management platform of Natixis Investment Managers, one of the largest asset managers in the world. As at 30 June 2018, AEW managed over €29bn of real estate assets in Europe on behalf of a number of funds and separate accounts. AEW has close to 400 employees based in 9 offices across Europe and has a long track record of successfully implementing Core, Value-Add and Opportunistic investment strategies on behalf of its clients. In the last five years, AEW has invested and divested a total volume of over €19bn of real estate across European markets.
PRESS CONTACT:
Karen Marotta
Greystone
212-896-9149
KMarotta@Greyco.com