OurLIC NEWS Photos: 19-80 Steinway Street, Long Island City, NY 11105 Astoria, Long Island City, New York 11105
19-80 Steinway Street, Long Island City, NY 11105 Astoria, Long Island City, New York 11105
19-80 Steinway Street, Long Island City, NY 11105 Astoria, Long Island City, New York 11105
Property Description
Massey Knakal Realty Services is pleased to offer the sale of the Amended and Restated Acquisition Loan Note, the Amended and Restated Project Loan Note, Restated Project Loan Note, and the Building Loan Note for a development project which was underway in Astoria, Queens.
The collateral project is located on the blockfront along the northeast side of 20th Avenue extending to the southeast side of 38th Street and the northwest side of Steinway Street. The project, is roughly half complete and was slated for 72 condo units, parking, and retail.
The loans are non-performing, as a maturity default has occurred. This offering is being sold on an all cash, as is basis, without recourse, representation or warranty of any kind, express or implied.
Condominium sales in the area have averaged $669 per square foot since January 2008, and have been on an upswing through the first half of 2010. Meanwhile, the rental market has remained strong in the neighborhood with average asking rents 27% above rental comps since January 2008.
For more information on the acquisition of these loans, please fill out and execute the attached Confidentiality and Indemnification Agreement and return it to Christine Germaine at Massey Knakal by fax (866-471-9777 ), email (cgermaine@masseyknakal.com), or hard copy (Christine Germaine, Massey Knakal Realty Services, 275 Madison Avenue – 3rd Floor, New York, NY 10016).
If you have any questions about the offering, feel free to contact us at (212) 696-2500 (Manhattan) or (718) 275-3400 (Queens) or email at the addresses listed below:
Go to Full OurLIC Article and other photos.
For information about this photo, or to arrange a link, contact Arthur @ CityEntree.com and refer to photo ID # 11493
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