$23M to Complete Condos at 5-33 48th Ave in Long Island City

Commercial banks are still lending to condominium developments. Circle F Capital borrowed $22.75 million from Centennial Property Finance to finish off the redevelopment of an old, four-story manufacturing building at at 5-33 48th Ave. in the Long Island City neighborhood of Queens.

The prior owner, 533 48th LLC, has already expanded the masonry building to eight-stories. Circle F plans to buy and renovate the residential part of the building from the LLC, which will retain ownership of the building’s first-floor retail space as a separate condominium unit.

“This project is a redevelopment of an existing building, but will be fully gut-renovated to include top-of-the-line finishes in 43 units, ceiling heights of up to 13 feet and amenities,” said Adam Hakim of Eastern Consolidated, who with James Murad and Andrew Iadeluca, represented the borrower in the transaction.

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