July 3, 2017 By Jason Cohen
A 16-story building in Rego Park has been revamped and units in the fully-amenitized rental building are now available for lease.
The building, located at 62-60 99th Street, has been renamed ‘The Drake’ and 100 of the 419 apartments are now available with prices starting at $2,000 per month.
The building was purchased in 2016 by Madison Realty Capital for $135 million, the largest investment sales transaction in the history of Rego Park, according to local brokers. Madison bought the property from New Jersey-based Treetop Development, which had invested millions of dollars upgrading the 1960s-era building.
Modern Spaces, a Long Island City-based real estate firm, was retained Madison to lease the units.
The building, which had previously been called Saxon Hall, is comprised of one- to four-bedroom apartments, which come with high ceilings, large windows and open layouts.
The complex also comes with an on-site parking garage, a new fitness and wellness center, a pet spa, a lounge and a children’s playroom.
“Named after a historic cinema, which was a lively social and cultural center in the 1950s, The Drake honors Rego Park’s rich history, while delivering upgraded high-end apartments to an area dominated by Tudor-style homes,” said Eric Benaim, CEO and founder of Modern Spaces.