July 9, 2013 By Christian Murray
A rental building located near Queensboro Plaza has sold for $85 million, according to a report by Crains.
The Crescent Club, which is located at 41-17 Crescent Street, was bought by Charles Dayan, who is well known in Manhattan real estate circles. The building, which was sold by Simon and Meadow Partners, is comprised of 130 apartment units—-as well as amenities such as a fitness center, tenants’ lounge and business center.
The initial developer, NCF Equities, constructed condos but failed to complete the entire project due to financial difficulty. Citibank, which financed the development, was left with an unpaid mortgage.
Citibank sold the mortgage to Simon and Meadow Partners for $51 million in 2011, according to Crains. That firm converted the building into rentals. In February, the company issued a press release announcing that 100 units had been rented.
Dayan is free to keep the building as a rental or converting it to condos. The condo market has started to heat up in certain sections of Long Island City—particularly Hunters Point and Court Square.