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Meridian Closes Sale of Three-Story Sunnyside Industrial
Meridian senior executive managing director David Schechtman and managing directors Lipa Lieberman and Abie Kassin closed on the $41.7-million sale of 48-02 48th Ave., a 140,000-square-foot warehouse in Queens’ Sunnyside neighborhood. The buyer is an affiliate of East End Capital, whose principals are Jonathon Yormak, David Peretz and Shep Wainwright.
In conjunction with the sale, Meridian arranged $34 million in acquisition financing. The loan features attractive economic terms and the flexibility needed for the client to implement its business plan. This transaction was negotiated by senior managing director Ronnie Levine and SVP Ben Jacobs.
The three-story industrial complex features 143,600 gross square feet, plus a 10,500-square-foot parking lot with 92,792 square feet on the ground floor and partially built second and third floors. Former ownership spent more than $2 million on building-wide improvements. The property was delivered fully vacant to the buyer.
- ◦Sale/Acquisition
- ◦Financing
