A 20-story condo building planned for Long Island City and designed by architect Robert Scarano is in foreclosure proceedings, a New York-based bank reported in its latest quarterly filings.
Scarano project in LIC facing foreclosure
Brooklyn firm Rosma Development's 120-unit project, known as Tower 56, is located a few blocks south of Court Square at 45-56 Pearson Street.
Intervest said in its June 30 quarterly report that the property, described as vacant land, was in foreclosure proceedings. As of March, the loan was in nonaccrual status (defined as being 90 days late or having stopped all payments).
Despite the financial troubles described by the bank, in June the owners signed an easement agreement with the city to allow the Fire Department to use a small portion of the property.
Calls to Scarano, the developers and the bank were not immediately returned.
So LIC gets something to serve the needs of the fire department instead of more development. Maybe they'll end up putting up a firehouse there since they closed another in the area. That made a lot of sense with the thousands of high-rise housing units slated for completion...
There was also this about a different building from a Curbed tipster:
According to a credible source, 6 apartments have been contracted. Many more offers have been made and taken through the developer, only to fall through a few short weeks later due to inabilities to attain mortgages...Beware that you will see plenty of pretty pictures of amenities like a pool, lounge, kitchen, spa, gym, etc... all of which are actually across the street in the rental building. Oh, and no on site parking, that too is across the street in the rental building. $1,000/SF ???
How low can the LIC condo market go?