The Durst Organization is no longer looking to sell its Long Island City luxury rental building known as Sven after landing a major refinancing package on the property from Wells Fargo, according to property records and a source familiar with the deal.
Wells Fargo has provided the major New York landlord with a $450 million loan for the 958-unit property, located at 29-59 Northern Blvd. in Queens, records show. Durst had been exploring a roughly $800 million sale of the building since at least the beginning of the year but views the refinancing as a better option and will hold onto Sven instead, a source familiar with the refinancing said.
A representative for Durst declined to comment on the refinancing and the company’s plans for the building. A representative for Wells Fargo did not respond to a request for comment by press time.
A Newmark team led by Doug Harmon and Adam Spies had been marketing the potential sale of the property and arranged the refinancing package as well. The team declined to comment on the deal.
Even exploring a sale of the building was an unusual move for Durst, as the company very rarely sells any of its properties. It has been one of the city’s most prominent family-run firms for longer than a century, with holdings including famed buildings like 1 World Trade Center and 1 Bryant Park.
Sven stands 71 stories tall, making it the second-highest building in Queens behind Court Square’s Skyline Tower from developer Chris Jiashu Xu. Its apartments are split between 670 market-rate units and 288 affordable units, and it includes 15,000 square feet of retail space and a public park as well. Durst bought the site in 2016 for about $175 million.
There are 11 available apartments in the project, with rents ranging from $3,300 for a studio to $7,315 for a three-bedroom, according to StreetEasy.
Eddie Small , 2024-06-20 21:40:53
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