Weiss Realty bought a 17-story Long Island City rental property known as the Crescent Club for $97 million. This is the third time the property has been sold within four years since it was established.
The 140,000-square-foot, red-brick building is located at 41-17 Crescent Street and near the 7 train's Queensboro Plaza station. The property features 130 apartments, a garage and a 6,000-square-foot retail space where a new restaurant will be built soon, as reported by The Real Deal.
The deal closed on Jan. 20, Wednesday for almost $700 per square foot. Charles Dayan's Bonjour Capital sold the property, which they owned for more than two years.
Multiple iterations have been done to the property by several owners in just a short period of time. It was built by NCF Equities, a partnership between Assaf Fitoussi, Ben Nash and Aaron Chitrik. They initially planned to build a condominium out of that property, but in 2011, they lost control of it after defaulting on a mortgage note worth $51 million.
Simon Development Group, together with Meadow Partners, saved the project from foreclosure in 2012, and the Crescent Club was established later that year. In 2013, Bonjour bought it for $85 million.
According to Real Estate Weekly, the property also has a fitness center, business center, landscaped backyard with pool, sky club lounge, lounge, cold and dry grocery storage, Wi-Fi access, bike storage units and parking.
Durukan Design was hired by Bonjour Capital to renovate the amenities and redesign the building's common spaces. Dayan said that the property runs like a hotel, as "it was kept pristine with a keen eye on tenants needs." The sale, according to him, was a strategic move. "We plan on reinvesting the capital into New York City real estate," he added.
Meridian Capital's Lipa Lieberman represented Weiss Realty in buying out the property.
