Brause Realty Lands Refi for JetBlue’s HQ

27-01 Queens Plaza North. Image courtesy of Cushman & Wakefield

Brause Realty has obtained a $30 million refinancing loan for 27-01 Queens Plaza North, a 700,000-square-foot office building in Long Island City, N.Y. Apple Bank provided the financing. The owner will use the funds to renovate the property.

Cushman & Wakefield’s Equity, Debt & Structured Finance team served as the exclusive advisor and secured the financing on behalf of the borrower. Executive Managing Director Gideon Gil, Senior Director Lauren Kaufman and Analyst Dale Braverman represented Brause in the transaction.

The building was 72 percent leased to Aramis and JetBlue at the time, serving as the latter’s headquarters.

The capital improvement plan focuses on modernizing the common areas and the amenities of the 13-story property. The owner will upgrade the fitness center, conference area, tenant lounge, outdoor terrace and bike room. The project also includes the addition of new windows and a 13,000-square-foot food and beverage facility.

Constructed in 1911, the property was an assembly plant for Rolls-Royce cars, Brewster cars and Brewster Buffalo airplanes. The Brewster Building was converted into office space in 2003. After the adaptive reuse project, the property achieved LEED Gold certification.

The office asset is located in an Opportunity Zone in New York City’s Queens borough. The building is within walking distance of the Queensboro Plaza, Queens Plaza and Court Square subway stations.