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