NEW YORK CITY—The Crescent Club multifamily development in Long Island City has a new owner thanks to a deal that approached $100 million.
The 130-unit luxury apartment property traded for $97 million. The transaction was announced by Meridian Investment Sales, the commercial property sales division of Meridian Capital Group. The 140,000-square-foot mixed-use development, which also includes 6,000 square feet of retail space, was sold on behalf of Bonjour Capital to Crescent Club LLC. Lipa Lieberman, managing director of Meridian, negotiated the transaction.
"The Crescent Club offers an exceptional blend of luxury amenities and accessibility in an area that has maintained its historic character. The property has terrific interior design in the common areas and the apartments feature condominium-quality finishes as well as 10-foot ceiling heights creating a high-end loft feel," Lieberman says.
Located at 41-17 Crescent St., the Crescent Club contains studio, one-, two- and three-bedroom apartments in addition to duplex penthouse units. The property's amenities include a fitness center and outdoor yoga area, a landscaped backyard with an outdoor pool, chaise lounge seating, sunbathing areas, an outdoor shower, barbeque and dining areas, a business lounge, a residents' lounge with a billiards table, a catering kitchen, a 24-hour attended lobby as well as the Sky Club that offers views of the Manhattan skyline, according to Meridian Investment Sales.
Earlier this month, Meridian Capital arranged most of the financing in the $175-million purchase of the Village Green multifamily property and the Village Green Shopping Center in Mount Olive, NJ by SDK Apartments. Meridian Capital Group arranged $148.8 million in senior and mezzanine financing for the acquisition.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to asset-and-logo-licensing@alm.com. For more inforrmation visit Asset & Logo Licensing.
