Real Estate Weekly • World Wide Group buys next door neighbor

luna building

Building on the leasing momentum at their neighboring development, QLIC, World Wide Group just bought the apartment building next door.

Luna, a 124-unit property at 42-15 Crescent Street in Long Island City, was sold by Meadow Partners, who converted the 111,000 square foot development from office use to residential.

The Real Deal reported that Meadow Partners sold the property for “about $70 million” in a deal brokered by Rosewood Realty Group’s Aaron Jungreis. Meadow Partners paid $19 million for site in 2012.

Earlier this year, World Wide also acquired 110 Green Street from Meadow Partners, a 185,000 square foot residential property located in Greenpoint, Brooklyn.

Luna — which features a mix of studio, one- and two- bedroom apartments — is scheduled to begin leasing in May 2016 and will offer immediate occupancy to residents. World Wide has selected David Maundrell and his team at Citi Habitats as the exclusive leasing agents.

World Wide Group also announced that QLIC – which opened seven months ago – is 75 percent leased.

“We’re excited to open Luna as we complete the lease up of QLIC, which is leasing in record time,” said Rachel Loeb, director, World Wide Group.

“It’s clear that there is a great demand for this type of quality in Long Island City. We are welcoming residents from all across NYC in particular from Manhattan and Brooklyn; a testament to the transformation of the area into a thriving residential neighborhood. World Wide is looking forward to playing an even greater role in the continued growth of LIC.”

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