News

Normandy, Keystone And Drake Street Secure $81M Loan For L.I.C. Development

FEBRUARY 12, 2018 | BY BETSY KIM

The acquisition, development and repositioning of the office property is part of recent transitions in Long Island City, Queens.

NEW YORK CITY—Normandy Real Estate Partners has received $81 million in financing through a partnership with Keystone Equities and Drake Street Partners, for the acquisition, development and repositioning of 25-11 49th Ave. in Long Island City, Queens.

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Drake Street Partners Purchases LIC Warehouse Building

47-37 Austell Place, Long Island City, NY

A partnership of Drake Street Partners, Normandy Real Estate Partners, and GEM Realty Capital has purchased the Long Island City property between Skillman Avenue and 27th Street. The more than 110,000-square-foot former industrial building, which also has addresses of 47-11 and 47-51 Austell Place, has large windows, open-floor plans and a rooftop terrace with views of the Manhattan skyline. (more…)