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One billion dollars of financing arranged by Avison Young on this residential work of art in Long Island City

One billion dollars of financing arranged by Avison Young on this residential work of art in Long Island City 5 octobre 2023

Over the course of several years, Avison Young’s Tri-State Debt & Equity Finance team has closed one billion dollars in financing for 5Pointz, a 1,122-unit multi-family development in the heart of Long Island City. There were three financing phases: first, a $300 million construction loan; second, a $350 million bridge loan secured during the height of the Covid pandemic, when the residential building was still in progress and completely vacant; and recently, a permanent loan of $350 million.

5Pointz is comprised of two adjoining high-rise residential towers, 50 stories, and 48 stories, developed by the Wolkoff family. The project encompasses an entire city block in Long Island City containing 1,200,000 gross square feet of residential space, approximately 50,000 square feet of retail stores at the base, and a 250-car parking garage.

The property, a block away from MOMA’s PS 1 which celebrates contemporary art in all its forms, has captivating exhibitions by graffiti artists, establishing this iconic property as an avant-garde showcase of Long Island City art, culture, and history.

5Pointz was developed under the Affordable NY plan and has a 30% Affordable residential component providing more than 335 apartments for people/families that meet the program qualifications. 

The Avison Young Debt and Equity team that arranged this financing is co-led by Andy Singer and Scott Singer. Kathleen McSharry, a long-time veteran of the finance business in New York, worked closely with the Singers to arrange and close this financing. 

Avison Young creates real economic, social and environmental value as a global real estate advisor, powered by people. As a private company, our clients collaborate with an empowered partner who is invested in their success. Our integrated talent realizes the full potential of real estate by using global intelligence platforms that provide clients with insights and advantage. Together, we can create healthy, productive workplaces for employees, cities that are centers for prosperity for their citizens, and built spaces and places that create a net benefit to the economy, the environment and the community.

Avison Young is a 2023 winner of the Canada's Best Managed Companies Platinum Club designation, having retained its Best Managed designation for 12 consecutive years.

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