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 successf
About Skyview Companies:
Skyview Companies is a vertically integrated real estate development firm with active developments in New York, Florida, and Ohio. In the last 10 years, the Skyview Companies team has successfully executed over $1.5 billion of ground-up development projects. Learn more at https://skyviewcompanies.com/
About J.P. Morgan Global Alternatives and J.P. Morgan Asset Management – Real Estate Americas:
J.P. Morgan Asset Management – Real Estate Americas is the U.S. real estate investment platform of J.P. Morgan Global Alternatives. With US$73 billion (Gross Asset Value as of September 30, 2022) in assets under management and 180 professionals, the platform offers real estate strategies that span from core to opportunistic and across debt and equity. J.P. Morgan Global Alternatives is the alternative investment arm of J.P. Morgan Asset Management. With more than 50 years as an alternatives investment manager, US$216 billion in assets under management and more than 800 professionals (as of September 30, 2022), J.P. Morgan offers strategies across the alternative investment spectrum including real estate, private equity, private credit, hedge funds, infrastructure, transportation, timber and liquid alternatives. Operating from offices throughout the Americas, Europe and Asia Pacific, our independent alternative investment engines combine specialist knowledge and singular focus with the global reach, vast resources and powerful infrastructure of J.P. Morgan to help meet each client’s specific objectives. For more information, visit jpmorgan.com/am