You are reading

Queensboro Plaza apartment building fetches $85m


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.

email the author: [email protected]


Click for Comments 

Leave a Comment
Reply to this Comment

All comments are subject to moderation before being posted.

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Recent News

Study exploring alternative sites for controversial new ferry station in Long Island City nears completion

The city is nearing the completion of a study that seeks to examine alternative sites for a new ferry terminal at Hunter Points South Park, which will replace the existing station.

The NYC Economic Development Corp., which oversees the city’s ferry routes, said it is considering the feasibility of four new locations at Hunter Points South Park where a large docking barge would be built to accommodate ferry vessels.