Meridian Capital Group announced today that its Institutional Investment Sales Group, led by Helen Hwang, has advised Skyview Companies and institutional investors advised by J.P. Morgan Global Alternatives on the $86.5 million sale of the leasehold position of The Urban, a newly constructed, mixed-use building located at 144-74 Northern Boulevard in Flushing, Queens. Meridian also arranged a $47 million acquisition loan on behalf of an affiliate of BLDG Management from The Dime Community Bank.
The Urban is a newly constructed, seven-story, 103-unit rental building that benefits from long-term tax exemptions through the Affordable NY and ICAP programs. The building features modern rental apartments finished with stainless-steel appliances, quartz countertops, loft-like oversized windows, in-unit washer dryers and smart home features including Latch keyless entry. The Urban provides tenants with a significant amount of outdoor space via private outdoor terraces in nearly half of apartments and a 5,000 SF roof deck with grills, outdoor dining areas and a dog run. Additional building amenities include a state-of-the-art fitness center and resident lounge with game room.
Apartments at The Urban are situated above two floors of commercial space which enhance the community and offer goods and services that make Flushing one of the most diverse locations in New York City. The commercial component features a 177-space parking garage and 35,000 square feet of rentable space that is fully leased on a long-term basis to Korean grocery chain H Mart, Bank of America, Burger King, Evergreen Adult Day Care, and a dermatology office.
As the only luxury market-rate rental building developed in the last two decades in Flushing – a submarket historically dominated by new commercial and residential condo developments – The Urban is the only luxury residential rental option for residents moving to the area to take advantage of its lifestyle and cultural amenities, affordable rents and transportations conveniences. Local developer inclination to develop condo projects, coupled with the expiration of the 421a tax program and rising construction costs, will cement The Urban as the premier residential rental building in Flushing and allow for meaningful future rent growth.
A Meridian team of Helen Hwang, Brian Szczapa, Yasmin Kheradpey, and Karen Wiedenmann represented the sellers. Meridian’s Carol Shelby and Eric Schleif negotiated the financing on behalf of BLDG Management.
“Through its deep roots in the community, Skyview recognized the area’s need for high quality, institutionally managed rental apartments and successfully completed a one-of-a-kind project with its partner, J.P. Morgan,” said Helen Hwang, Senior Executive Managing Director and Head of Meridian’s Institutional Investment Sales Group. “We are extremely pleased that we were able to execute this transaction of behalf of the sellers and are certain that The Urban will be a tremendous asset for years to come.”