Raizel Feder Refinances Long Island City Development Sites With $220 Million Loan From BDT & MSD Partners

The development sites located at 44-02 Vernon Boulevard and 44-00 Vernon Boulevard in Long Island City, Queens, encompass a total buildable square footage of 1,612,084. The transaction involved a refinancing loan amounting to $220,000,000, which is approximately $136 per buildable square foot.

Summary of transation details:

• Property Type: Development Site
• Transaction Amount: $220,000,000
• Address: 44-02 Vernon Boulevard & 44-00 Vernon Boulevard
• Market: Long Island City, Queens
• Asset Type: Development Site ~ BSF: 1,612,084
• Lender: Gregg Lemkau - BDT & MSD Partners
• Landlord: Raizel Feder
• Loan Type: Refinance

Raizel Feder’s 44-02 Ventures executed the refinancing of three development sites, which included both addresses mentioned, effectively replacing an existing debt of $165 million through the new loan from BDT & MSD Partners.