Done Deals: $24 million in acquisition financing secured for Long Island City flex building

Friday, September 25, 2020

$24 million in acquisition financing secured for Long Island City flex building

The three-story, 97,047-rentable-square-foot property is currently 100% leased to Apex Technical School.

NEW YORK, NY — JLL Capital Markets announced it has arranged $24 million in acquisition financing for 24-02 Queens Plaza South, a single-tenant flex building in Long Island City, Queens.

Christopher Peck

JLL worked on behalf of the borrower, Botanic Properties, to secure the fixed-rate acquisition financing through MSD Partners.

The three-story, 97,047-rentable-square-foot property is currently 100% leased to Apex Technical School. Apex Technical School has occupied the property since 2012.

The building is in the Queensboro Plaza and Court Square neighborhood, which is home to young professionals and families and is proximate to a variety of dining, entertainment and cultural amenities.

The area offers numerous commuting options to Manhattan and the rest of New York City, with the F, N, W, 7, E, M, G and R trains all within walking distance.

The JLL Capital Markets team representing the borrower was led by Senior Managing Director Christopher Peck, Managing Director Steve Klein and Vice President Thomas Pryor.

Steve Klein

“Long Island City is highly attractive to businesses seeking value rents, highly-educated employees, abundant transit options, proximity to peer companies and a dynamic live, work, play environment,” Peck said.

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers.

The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment advisory, debt placement, equity placement or a recapitalization.

The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.