New York & Tri-State + Outer + Industrial | April 20, 2021

Repositioned LIC Flex Property Lands $51M Financing

Cushman & Wakefield advised a joint venture of North River Company (NRC) and North Colony Asset Management in obtaining $51,000,000 of fixed rate financing for the Matsil Building in Long Island City. The loan was provided by affiliates of AIG.

A Cushman & Wakefield team of Steve Kohn, Alexander Hernandez, Emily Johansen and Josh King represented the borrower, working directly with NRC’s Chris Flagg, Chris Pachios and Forrest Mas.

“Since acquiring the property in December 2018, ownership has had tremendous success implementing its repositioning plan,” said Hernandez. “We were able to capitalize on recent leasing successes at the property, coupled with upside potential from existing below-market leases, to arrange a long-term refinancing of the property at very attractive terms.”

Located at 48-49 35th St., the Matsil Building is a 312,513-square foot industrial/flex property. The three-story property is 100% leased to Maquette Fine Art Services, Ralph Lauren Corporation and Motorola Solutions

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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