Updated May 11, 2026
World Wide Group Refinances 124-Unit Multifamily Building In Long Island City For $34.5M
42-15 Crescent Street
Building Size
110,743 SF
Asset Type
MultiFamily
Closing
Apr 24, 2026
About this deal
AI
The asset involved in this transaction is a multifamily building located at 42-15 Crescent Street in Long Island City, featuring a total square footage of 110,743. World Wide Group has refinanced this 124-unit elevator building with a significant loan.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $34.5 million
- Address: 42-15 Crescent Street
- Market: Long Island City
- Lender: Michel A. Khalaf - MetLife
- Landlord: World Wide Group
The refinancing replaces prior debt held by Helaba, signaling a strategic financial maneuver by World Wide Group to manage its holdings effectively. Michel A. Khalaf represents MetLife in this transaction.
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MultiFamily
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
5.80%
Cash-on-Cash
-1.66%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93