Friday, March 26, 2010
Muss takes a back seat at Sky View Parc
From the NY Post:
Muss Development's equity partner in its massive Sky View Parc complex near Flushing Meadows Park "has taken over the driver's seat" in the slow-moving, $1 billion-plus scheme, sources said.
Toronto-based private-equity firm Onex "started calling the shots," an insider said, even before it brought Related Cos. into the huge Queens project as a "consultant" with a role in apartment-sale marketing at three towers now under construction, as well as in retail leasing and management.
A Related source said the Time Warner Center developer has sent in an army of specialists before it even formalizes a deal with Onex.
Related will have no equity. But the arrangement would seem to open the door to the Stephen M. Ross-led development giant to one day land such a role in Joshua and Jason Muss's second trio of planned luxury apartment towers at the site, for which no start date is set.
The source close to Related said the company understood that there's "full commitment" for Muss and Onex to put up the three additional towers, but noted, "it would be timed to market demand."
Onex, which pumped at least $70 million into Sky View Parc, left decision-making to Muss until recently, but has since "restructured" the relationship.