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NEW YORK CITY-Hudson Realty Capital LLC has funded a 12-month, $8-million bridge loan to a bankruptcy remote entity based in New York. The loan will be used by its sponsors to eventually develop a 12-story residential condominium building in Long Island City.

Preliminary plans for the property feature 81-luxury units and structured parking with 60 spaces. Condo units on the sixth through the 12th floors will have unobstructed views of Manhattan and the East River, which is two blocks from the property. The total purchase price for the property was $12.6 million. The address will be 515-525 Borden Ave.

“We have mixed feelings about Long Island City,” HRC managing director Spencer Garfield tells GlobeSt.com. “We feel it is a good investment and a good value on smaller projects. With prices one-half or three-quarters that of Manhattan, the value is there. But not at the larger, high-end luxury projects.”

Garfield says that in the long run, Long Island City, along with Greenpoint, Brooklyn, contain the same potential as such Manhattan areas as Chelsea or the Lower East Side, or other neighborhoods that were once heavily industrialized.

Garfield tells GlobeSt.com the low basis on the land, $100 per sf made the deal very attractive. Also, he says that sellouts at $600 per sf will be attainable. “We have seen many opportunities to invest in Long Island City and have chosen our investments selectively. We specifically like this investment because of the middle-market price point that this building will cater to,” Garfield says.

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