AIG provided the debt
John McCarthy’s HUBB NYC has acquired 31-57 31st Street from Mega Contracting Group and Glenn Schor’s Treeline Companies for $75 million. The new Astoria rental spans over 102,632 square feet, and contains 114 apartments. It also includes a parking garage (16,204 SF), and a retail component (23,423 SF).
Acquisition financing: The buyer secured a $51 million loan from AIG to close the deal.
Worth Noting: The Learning Experience, a child development center signed a 15-year lease for 11,333 SF in the low $60’s per foot in 2017, the COreported at the time.
Dig Deeper: The property benefits from a 421-a tax abatement and the Industrial & Commercial Abatement Program (ICAP), according to TRD. Construction was completed in 2017.