HighCap Group sells note backed by Long Island City property

Manhattan-based HighCap Group has sold the first mortgage note secured by the property at 41-17 Crescent Street in Long Island City, according to a statement released today by its managing principals Josh Goldflam and Laurence Ross. The note was sold last week, according to Goldflam, but he declined to identify the buyer. The mortgage was purchased at a discounted price from its par value of approximately $48 million. The site, now a Karl Fisher-designed full-service apartment building better known as the Crescent Club, broke ground in 2007, but like many projects stalled due to adverse market conditions. -- Miranda Neubauer