News

Meridian Sells a 44-Unit Mixed-Use Property in the Bronx for $8.825 Million

Meridian Investment Sales, the commercial property sales division of Meridian Capital Group, has negotiated the sale of a mixed-use property located at 600 East 178th Street in the Bronx for $8.825 million, equivalent to a 5.5% cap rate. Meridian Investment Sales Director, Mark Steinmetz, represented the buyer and seller in this transaction.

The six-story elevator building, consists of 51 units, including six stores, totaling 47,200 square feet. Located in the Bronx’s Tremont neighborhood, the property has a live-in super and is conveniently situated just blocks from the Bronx Zoo, Tremont Park and Crotona Park. Residents are also in close proximity to the 2 and 5 subway lines, Interstate 95 and Fordham University.

“Given the seller’s desire for a transaction to occur within a tight timeframe, Meridian was able to quickly procure a buyer and close the sale within less than 30 days,” said Mr. Steinmetz.

About Meridian Capital Group:
Founded in 1991, Meridian Capital Group is one of the nation’s leading commercial real estate finance advisory firms and America’s most active debt broker. In 2015, Meridian closed 3,900 loans totaling more than $35 billion in transaction volume with 210 unique lenders, equating to $135 million per business day. Since its inception, the Company has closed more than $240 billion in transactions with the full complement of capital providers, including local, regional and national banks, CMBS lenders, agency lenders, mortgage REITs, life insurance companies, credit unions and private equity funds. Meridian arranges financing for many of the world’s leading real estate investors and developers, and it’s expansive platform has specialized practices for a broad array of property types, including office, retail, multifamily, hotel, mixed-use, industrial, healthcare, student housing and self-storage properties. Meridian is headquartered in New York City with offices in New Jersey, Maryland, Illinois, Florida and California. http://www.mis.meridiancapital.com

Instagram

: 516 Eighth Avenue for $25MM. The three-story property totals 7,500 SF of retail space and is located between W 35th and W 36th Streets in Manhattan’s Garment District near the Hudson Yards development.

See Post

Meridian Sells the Crescent Club Luxury Multifamily Property in Long Island City for $97 Million

Meridian Sells the Crescent Club Luxury Multifamily Property in Long Island City for $97 Million

Meridian Sells the Crescent Club Luxury Multifamily Property in Long Island City for $97 Million

Meridian Investment Sales, the commercial property sales division of Meridian Capital Group, has negotiated the sale of the class-A Crescent Club multifamily property located in Long Island City to Crescent Club LLC for $97 million on behalf of Bonjour Capital. This transaction was negotiated by Meridian Investment Sales Managing Director, Lipa Lieberman.

The 140,000 square foot luxury multifamily property houses 130 apartments, 6,000 square feet of retail space and a 50-space parking garage. Crescent Club contains studio, one-, two- and three-bedroom apartments in addition to duplex penthouse units. The property boasts a robust amenities package that includes a state-of-the-art fitness center and outdoor yoga area, a landscaped backyard with an outdoor pool, chaise lounge seating, sunbathing areas, an outdoor shower, barbeque and dining areas, a business lounge, a residents lounge with a billiards table, a catering kitchen, a 24-hour attended lobby as well as the premier Sky Club that features unparalleled views of the Manhattan skyline.

Located at 41-17 Crescent Street in the Long Island City area of Queens, residents of the Crescent Club are steps away from the N, Q and 7 subway lines which service Manhattan in a matter of minutes. Long Island City is well-known for its distinctive mix of restaurants, bars and retailers as well as art and event spaces. The neighborhood is also punctuated by Silvercup Studios, the largest production studio in New York City. This unique location also allows residents to enjoy the vibrant waterfront with views of Manhattan’s East River and East Side.

“The Crescent Club offers an exceptional blend of luxury amenities and accessibility in an area that has maintained its historic character. The property has terrific interior design in the common areas and the apartments feature condominium-quality finishes as well as 10-foot ceiling heights creating a high-end loft feel,” said Mr. Lieberman.

Founded in 1991, Meridian Capital Group, LLC is one of the nation’s largest commercial real estate finance and advisory firms. Meridian is headquartered in New York with offices in New Jersey, Maryland, Illinois, Florida and California. Working with a broad array of capital providers, Meridian arranges financing for transactions ranging from $1 million to more than $500 million for multifamily, co-op, office, retail, hotel, mixed-use, industrial, healthcare, student housing, self-storage and construction properties. www.mis.meridiancapital.com