Tuesday, September 2, 2008

Scarano LIC project goes bankrupt

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?


Anonymous said...

Cant wait for it to crash.Not too much longer.

Anonymous said...

Idiotic, defensive retort by desperate, pro over-development drone in 3...2...1.......

Anonymous said...

Just one building goes human warehouse, then they will fall one by one.

Infinite demand from desperate third world types and bottomless pit from hot third world money.

Real estate should boom in Queens for the forseeable future - at least until the inevitable clamping down on immigrantion in about 10 years.

Hey Queenswest, LIQshitty, how do ya feel?

Anonymous said...

It's amazing how clueless and how jealous you all are about LIC. You all are getting your jollies up over nothing. This building was never even started. The location is a vacant lot. Another developer will just take over.

As for the other building, the comment doesn't make sense. Thanks for another example of Crapper not knowing of what he speaks. New developments put the mortgage contingency risk on the buyer. It is unlikely that official offers were signed, and the mortgage contingencies applied this early in the process. That comment is obviously from another person bitter about not being able to take part in the great developments in LIC.

Queens Crapper said...

Where in that quote does it say that mortgage risk is on the seller? It doesn't.

Anonymous said...

Those LIC real estate agents stuck with many unsold units are getting desperate again.

And with such a lot of free time on their hands they prefer counter posting on QC rather than playing "Solitaire".

Anonymous said...

It's amazing how clueless and how jealous you all are about LIC.

get a new record - this one is getting worn out.

like the shit the clubhouse feeds us.

no one (outside of a nursing home or on the take) believes it.

Anonymous said...

Get lost you realtard scum.

Anonymous said...

It's completely obvious the wind has been taken out of the 'luxury' Boss Tweed gang in Queens. There are many lots where SCUM have bought one & two family houses that had wonderful land & trees only to have them knocked down the very next day and are now left sitting with wooden fences around them, DECAYING our neighborhoods and turning our beautiful part of Queens into Katrina-ville. Bush would be very proud at what his demon seed has spawned here in LIC-Astoria. In Old Astoria alone, I can count at least 10 of these sorry sites where there were once grand old houses. The Piano Factory 'LUXURY' condos are sitting silent and the 16 story monstrosity that snuck into our neighborhood behind it is 1/4 finished and at a stand still.

Hey Delis and Vallone, how do you like your neighborhood now! Proud of yourselves are ya?

It's so sad it takes this type of unbridled greed and destruction to OUR neighborhoods by OUTSIDERS in order to light a fire under people's asses and finally speak out against this shit and the SCUM responsible for it.

This little pathetic realtor posting here needs to get a life AND another job! Maybe he could work for the McCain campaign. He's deluded if he doesn't think the mortgage crisis has nothing to do with this. Just like a person can't get a mortgage now, so can't the overdevelopers since their credit is shot as well. This real estate agent clown is totally clueless and bitter he's not ripping off people anymore at the expense of our neighborhoods.

Anonymous said...

There you go again blaming the guy in the White House for the problems caused by our local tweeding pols. We're a town run by Democrats. When it comes to making money, there are no red or blue areas, only green.

Anonymous said...

"Retard scum"? Holy Hell !

Now doesn't that sound like an wannabee, upscale, highly educated owner of one of those "luxury" shoe box condos in an "almost Manhattan tower"?

But it could just also be some frustrated broker suffering from "commission collapse" with mountains of bills piling up and his creditors nipping at his ass !

Anonymous said...

Maybe a lot of would be condo buyers are logging onto "Queens Crap" to get the real skinny on these bad western Queens investments.