Tuesday, March 11, 2008

$50M for Flushing building package

Flushing Package Could Fetch $50M
By Natalie Dolce, GlobeSt.com

FLUSHING, NY - GlobeSt.com has learned that a partnership called Bowne St. Associates LLC is selling a 10-building package of residential units in Flushing, Queens. Adelaide Polsinelli, senior executive broker of the Platinum Team at Besen & Associates Inc., who has been awarded the assignment to sell the package, expects it will sell for $50 million.

Polsinelli tells GlobeSt.com that the partnership is selling after deciding to break up. The package contains 200 residential units and a development site here. Most of the buildings are located along Bowne Street and on 38th Avenue. The buildings total approximately 350,000 sf, Polsinelli notes. All bids are due on April 1.

The package "presents an opportunity for an investor to acquire a critical mass of real estate in one of the most prime locations in Queens," Polsinelli says. "Located just minutes away from all major transportation, and with such ethnic diversity, this property is an excellent investment opportunity. …The vacant development site is a perfect candidate for new condominiums, senior-housing or luxury rentals."


Anonymous said...

Is this the Suzuki Corp. built illegal crap
that John Liu is involved in
(the Lincoln Apts. in fill project) ?
He took political campaign money from them!

If so, how in hell
do they expect anyone to buy that piece
without having a proper certificate of occupancy?

Such a certificate cannot be granted
because the FDNY doesn't have proper access to
the buildings in case of a fire.

The space between the buildings is too limited ,
therefore firefighters cannot reach endangered residents.

That would make a "good" senior center
as advertised.
The elderly can just burn I suppose!

Anonymous said...

Tommy Huang's project in Bayside on 223rd Street with its "so-called" private road constructed on what appears to be an overcrowded lot also raises serious concerns about necessary access to FDNY and other emergency vehicles.

Supposedly, they have FDNY approval. How does that happen? What about the safety of the inhabitants, neighboring property owners and the lives of the emergency personnel?

Tommy (John Liu's relative) still does not have certificates of occupancy for these buildings.

Surely, this is cause for investigations.

Anonymous said...

No shit....they have FDNY approval?

I smell John Liu's interference here
on Suzuki's behalf!