Eastern Consolidated Secures $65 Million Acquisition Loan for Block-Through Development Site on Astoria Waterfront

-- Property at 30-77 Vernon Boulevard offers a zoning floor area of 522,132 square feet for residential development offering over 700 market rate and affordable units --

NEW YORK, NY – April 26, 2018 – Eastern Consolidated’s Capital Advisory Division has arranged a $65 million first mortgage to finance the acquisition of a block-through waterfront development site with a zoning floor area of 522,132 square feet at 30-77 Vernon Boulevard aka 30-80 12th Street in Astoria, Queens. 

Adam Hakim, Managing Director and Principal, and James Murad, Director, secured the loan from Mack Real Estate Credit Strategies, LP on behalf of the borrower, Cape Advisors and Wainbridge Capital. 

The project is anticipated to include approximately 770 affordable and market rate apartments in five buildings on the site including parking and a full amenity package with retail, indoor and outdoor lounges, a large fitness center, multipurpose room, and a common landscaped rooftop with sweeping views of the East River and Manhattan. 

The site is ideally located a 2-minute walk to the Astoria Ferry Terminal, which offers a 24-minute ride to 34th Street and 35-minute ride to Wall Street with stops at Long Island City and Roosevelt Island. The property also is a 12-minute walk or short shuttle ride to two N and W subway stations. 

“Cape Advisors’ and Wainbridge Capital’s new project will be a terrific addition to Astoria’s waterfront, which has become a popular location for residential development,” Hakim said. “Several large-scale development projects are planned or under construction including Hallets Point, a 2.4 million square foot development with 2,000 rental units across seven buildings, and Astoria Cove, which will include 1,700 rental apartments.” 

Murad added, “Astoria has experienced an increase in popularity with an influx of young professionals and new restaurants and nightlife and has become a high demand rental location with millennials.” 

Cape Advisors, Inc. was formed in 1995 as a real estate development and investment firm. Since its inception, the company has completed over $1.5 billion in development projects, principally in New York City, Long Island and New Jersey, including multifamily residential projects, hotels and conference centers, land development, retail projects, historic preservation, adaptive re-use, and environmentally sensitive projects ranging in size from $5 million to over $375 million. More information is available at www.capeadvisors.com

Wainbridge is a private real estate investment, development and asset manager of landmark properties in prime locations throughout Europe and North America. The success of Wainbridge lies in its ability to select and coordinate exceptional project collaborators to elevate a project to the pinnacle of quality and originality. Please visit www.wainbridge.com for further information. 

Eastern Consolidated
Powered by a highly skilled team of over 100 brokers with a fluency in 15 languages, Eastern Consolidated is one of the country’s preeminent full-service commercial real estate firms. Through three core divisions—Investment Sales, Capital Advisory, and Retail Leasing—Eastern Consolidated serves an impressive roster of international and domestic institutional and private investors on real estate transactions of all sizes and across all property types. For more information, visit www.easternconsolidated.com and follow us on Twitter@EasternConsol.

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