Singer & Bassuk closes three financing deals totaling $247 million in New York City

Rooftop deck at Luna, 42-15 Crescent Street, Long Island City - Queens, NY

Rooftop deck, Luna, 42-15 Crescent Street, Long Island City - Queens, NY

Luna, 42-15 Crescent Street, Long Island City - Queens, NY

New York, NY The World Wide Group has secured $247 million in financing for three of their properties located in New York City.

The Singer & Bassuk Organization (SBO) –a boutique real estate finance intermediary arranged the financing.

“Over the past six months, World Wide has added a diverse mix of residential properties to our growing portfolio. Long-term, fixed rate financing is a vital component to our long-term business strategy,” said David Lowenfeld, COO of World Wide Group.

“Building on our 25-year relationship, it has been an honor to work hand-in-hand with a great name in ownership such as World Wide Group to deliver sound financing for their noteworthy properties that extend beyond Manhattan’s boundaries,” said Andrew Singer, chairman and CEO.

The properties and their transactions, which were closed by Andrew and Scott Singer, are as follows:

• 10 Green St. in Greenpoint, Brooklyn was acquired by World Wide for a total of $103 million from Meadow Partners, one of the first residential transactions to exceed $100 million in the neighborhood. A $50 million loan transaction was completed to provide permanent financing for the property. The six-story, 185,000 s/f property consists of 130 residential apartment units and offers a range of amenities including: 24/hour concierge service; a fully-equipped fitness center; a full-sized indoor pool; a large, sun-drenched atrium, game room and children’s room.

• Luna, a 124-unit, boutique residential building located at 42-15 Crescent St. in Long Island City, Queens, was purchased for $73 million with a $32 million loan. Located in Long Island City’s Queens Plaza neighborhood, the building includes 7,500 s/f of ground floor retail space.

• QLIC is World Wide’s other property in Long Island City. The 421-unit building opened in September 2015 is 90% leased and located across Queen’s Plaza from Luna. A ground-up development by World Wide, the property achieved permanent financing of $165 million. Located at Queens Plaza North and 24^th St., the building features over 28,000 s/f of amenities, including an outdoor swimming pool, outdoor barbeques with picnic areas, a secluded garden, a fitness center, parking, and a bike room. In addition, the residences are each equipped with unit washer and dryers, stainless steel appliances, and many include private balconies.

With a strong reputation in successful urban development, World Wide Group has developed over $7 billion worth of real estate in New York City with a growing portfolio extending to new regions.