NEW YORK CITY—Rentar Development Corp. has nabbed $132 million of 10-year term fixed rate CMBS financing for the refinancing of Rentar Plaza. Located in the Middle Village section of Queens, the property is located at 66-26 Metropolitan Ave. Provided by Natixis Real Estate Capital, the financing was arranged by Mark Niman and Richard Horowitz of Cooper-Horowitz here.
The property is a roughly 1.6-million-square-foot mixed-use property with three stories of retail, office, and warehouse space that is 100% occupied by 11 tenants. Built in 1973, Rentar Plaza sits on approximately 22.1 acres and includes a total of 1,800 parking spots, resulting in a parking ratio of 1.15 per 1,000 square feet of rentable area.
The property was constructed with access ramps large enough to allow tractor-trailers to access grade-level loading docks and the rooftop parking lot. There are 14 electronically operated steel overhead doors with 28 interior truck bays in the front of the building, approximately 54 loading docks at the rear of the building and approximately 32 loading docks on the second level. The largest tenant, The City of New York, occupies four suites totaling 674,593 square feet. The property has four retail tenants occupying a total of 631,465 square feet: K-Mart, Toys “R” Us, Middle Village Associates, and Raymour & Flanigan.
The property is conveniently located with easy access to public transportation. The M subway line stops on Metropolitan Avenue just east of the property. To the north, Middle Village is bordered by the Queens Midtown Expressway (I-495) and to the south by the Jackie Robinson Parkway. The property is also easily accessed by bus routes including the Q38, Q54, and Q67, which all stop within a block of the property.
Rentar Development Corp. is headed by co-presidents Dennis Ratner and Felice Bassin. Since the early 1960s, the company has developed and managed over four million square feet of residential, retail and industrial space—mostly in the local area here.
The property is a roughly 1.6-million-square-foot mixed-use property with three stories of retail, office, and warehouse space that is 100% occupied by 11 tenants. Built in 1973, Rentar Plaza sits on approximately 22.1 acres and includes a total of 1,800 parking spots, resulting in a parking ratio of 1.15 per 1,000 square feet of rentable area.
The property was constructed with access ramps large enough to allow tractor-trailers to access grade-level loading docks and the rooftop parking lot. There are 14 electronically operated steel overhead doors with 28 interior truck bays in the front of the building, approximately 54 loading docks at the rear of the building and approximately 32 loading docks on the second level. The largest tenant, The City of
The property is conveniently located with easy access to public transportation. The M subway line stops on Metropolitan Avenue just east of the property. To the north, Middle Village is bordered by the Queens Midtown Expressway (I-495) and to the south by the Jackie Robinson Parkway. The property is also easily accessed by bus routes including the Q38, Q54, and Q67, which all stop within a block of the property.
Rentar Development Corp. is headed by co-presidents Dennis Ratner and Felice Bassin. Since the early 1960s, the company has developed and managed over four million square feet of residential, retail and industrial space—mostly in the local area here.
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