From Crain's:A dispute among lenders could soon halt construction of Sky View Parc, one of New York's biggest projects, throwing nearly 400 workers off the job.
The conflict over Muss Development's 3.3 million-square-foot retail and residential complex in Flushing, Queens, surfaced two months ago, when Arbor Realty Trust stopped paying monthly advances on its portion of the loan, according to sources close to the matter. Fearing that other lenders would also stop making payments, Muss ponied up about $4 million to cover Arbor's share.
The situation reaches a key juncture this week as lenders are slated to release their next portions. With Arbor showing no sign of resuming lending and Muss reluctant to dole out more cash, a crisis looms. Negotiations between Muss and its other lenders—led by Wachovia and Eurohypo AG—are at an impasse. That threatens funding for Sky View's first phase, which is supposed to be finished by this summer.
Industry insiders say one of the most troubling aspects is that the deal involves not some highly leveraged upstart but one of the industry's strongest players.
What a difference a month makes! Hey Joshua, you're not alone.
10 comments:
H-m-m-m....
the Willets Point project seems to be slowing down and now Muss takes his turn in the barrel!
It looks like bustling, vibrant Flushing is headed towards becoming blighted.
Wattsa matta....
can't impose eminent domain quickly enough to evict all those WP business owners or con enough Asians to move into Sky View Parc?
Free enterprise does have its pitfalls, especially during a plummeting economy.
HAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHA........
HAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHA
HAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHA
HAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHA
BAILOUT BAILOUT BAILOUT!
"too big to fail", too much at stake...
countless thousands of jobs, tax revenue...
blah blah....
nature of the FREE market economy
Slick: You're right on the money!
In the interim, why not turn the unfinished building into Abe Hirschfeld-innovated-open-air parking?
Let Muss take his lumps
in the midst of a slump!
Who wants to live in his
substandard dumps?
Too bad.
We heard that John Liu was going to sell his Bayside Avenue home and move into one of these with son Joey and wife.
He wants to be closer to the fragrance of the Flushing River!
Eau De F-Liu-xhing!
On Beverly Hills 90210, did Kelly ever had a crush on Brenda?
No she didn't There was the episode when they get drunk
at a party and made out. It's implied they did more (since Brenda leaves her
panties in Kelly's car), but not stated out-right.
Probably just a bit of mutual fingering.
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