2 Crosby
30 Howard Street, New York, NY, 10013, US
38,000 sf
Attributes
Building area net
208,000 sf
Loan status
Non-Performing
Origination Date
December 2021
Current Maturity Date
October 2025
Interest Rate
SOFR + 2.26%
Description
Jones Lang LaSalle (“JLL”) has been retained on an exclusive basis by the Seller to arrange the sale of an $84.1 million life science loan (the “Loan”). The Loan is collateralized by the first-lien mortgage on a recently converted life science building located in Long Island City, New York (the “Property” or “Collateral”), in addition to a pledge of the equity interests in the borrowing entity. The Loan is currently non-performing with a maturity date in October 2025.
The seven-story Property features approximately 208,000 square feet of net rentable area that is currently fully vacant. Current sponsorship invested approximately $77 million for the former office building renovation, which included primarily conversion costs to life science/lab space, building amenities, and spec suites for two full floors.
The offering presents investors the opportunity to acquire the loan on a recently renovated Property with a potential path to ownership due to an upcoming maturity date.
...
Investment highlights
Recently Renovated
Current sponsorship recently invested $77 million of capital primarily between building renovations and spec suites.
Lease Up Optionality
The fully vacant Property provides a blank canvas and optionality for a single tenant or multiple tenant lease up business plan.
Path to Title
The upcoming maturity date provides investors with a unique opportunity to acquire performing loan with a potential path to title.
Desirable Basis
Investors have the potential to step into the ownership position on a high quality asset at a favorable basis.
Media
$84.1 Million Life Science Loan | Long Island City, NY (0 Properties)
Contact brokers
JLL can help you finance and manage your portfolio. E-Mail us today to see how we can help achieve your ambitions.
Last updated
Oct 30, 2025