LONG ISLAND CITY, NY-A partnership of Simon Development Group and Meadow Partners is in the process of selling a 130-unit apartment building here for approximately $85 million to real estate investor Charles Dayan.
The Crescent Club property at 41-17 Crescent St. was originally developed as a condominium project by NCF Equities, which later went into default before it finished construction on the development. Citibank sold the mortgage to Simon and Meadow Partners in 2011 for $51 million, who completed the project and fully leased the units as rentals, according to Crain's New York Business.
Arranging the sale for the sellers were Adam Spies and Doug Harmon at Eastdil Secured. See story in Crain's New York Business.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
