Dealmaker: Cushman & Wakefield Arranges $58M Land Acquisition Loan

Cushman & Wakefield, New York, originated $57.5 million for a mixed-use development site at 39-08 Janet Place in Queens, N.Y.

ACORE Capital, San Francisco, supplied the land acquisition loan to borrower United Construction & Development Group, Queens. 

C&W Managing Director Morris Betesh handled the transaction. “Large land acquisition loans are very difficult to close in the current market environment,” he said. But he noted that this parcel received several offers.

The waterfront site in Flushing near one of Queens’ strongest retail corridors offers 780,500 buildable square feet and can accommodate residential, retail and office uses. 

In Brooklyn, N.Y, Cushman & Wakefield arranged an $11.5 million land sale. C&W Executive Managing Director Brendan Maddigan sold a mixed-use development site at 88 Withers Street for Withers 88 Group LLC. BK Developers and RYBAK Development acquired the parcel. 

The purchase price equates to $340 per buildable square foot, Maddigan noted. “The amount of land deals we’ve executed for high prices is a solid indication of the market’s stamina, regardless of navigating the current challenges,” he said. 

The 33,750 buildable square foot site measures 125 feet by 100 feet. The corner site came with approved plans for a 39,000-square-foot mixed-use building with 33 residential units and a ground-floor retail unit.