Muss Development Scores $52M Refi for NYC Asset

The mixed-use property in Flushing has been under current ownership for more than three decades.
Flushing Plaza

Cushman & Wakefield has arranged a $52 million loan for the refinancing of Flushing Plaza in Queens, N.Y., on behalf of Muss Development. An affiliate of Bank of America provided the 10-year, fixed-rate financing.

The Muss family has owned and managed the asset for more than 35 years. The property comprises 233,436 square feet of office space, including 71,930 square feet of medical space, as well as 10,653 square feet of retail space. The asset also offers 808 parking spaces.

The tenant roster includes Emblem Health, Spectrum, HSBC Bank, Queens Public Television and the Social Security Administration, among other. According to Cushman & Wakefield, the property has had an occupancy rate in the mid-to-high 90 percent for more than a decade.  

Located at 41-61 Kissena Blvd. in central Flushing, the building is close to Interstate 678, while LaGuardia Airport is 4 miles away. 

Cushman & Wakefield’s team included Executive Managing Director Gideon Gil and Director Alex Lapidus. This month, another Cushman team arranged a $51 million refinancing loan for the Matsil Building, a 312,500-square-foot industrial/flex property in Long Island City, N.Y.