27-01 Queens Plaza North. Picture courtesy of Cushman & Wakefield
Brause Realty has obtained a $30 million refinancing mortgage for 27-01 Queens Plaza North, a 700,000-square-foot workplace constructing in Lengthy Island Metropolis, N.Y. Apple Financial institution supplied the financing. The proprietor will use the funds to renovate the property.
Cushman & Wakefield’s Fairness, Debt & Structured Finance workforce served because the unique advisor and secured the financing on behalf of the borrower. Government Managing Director Gideon Gil, Senior Director Lauren Kaufman and Analyst Dale Braverman represented Brause within the transaction.
The constructing was 72 % leased to Aramis and JetBlue on the time, serving because the latter’s headquarters.
The capital enchancment plan focuses on modernizing the frequent areas and the facilities of the 13-story property. The proprietor will improve the health heart, convention space, tenant lounge, outside terrace and bike room. The venture additionally contains the addition of latest home windows and a 13,000-square-foot meals and beverage facility.
Constructed in 1911, the property was an meeting plant for Rolls-Royce automobiles, Brewster automobiles and Brewster Buffalo airplanes. The Brewster Constructing was transformed into workplace area in 2003. After the adaptive reuse venture, the property achieved LEED Gold certification.
The workplace asset is positioned in an Alternative Zone in New York Metropolis’s Queens borough. The constructing is inside strolling distance of the Queensboro Plaza, Queens Plaza and Court docket Sq. subway stations.
