Sunday, July 10, 2011

Flushing Commons financing still in doubt

From the Times Ledger:

Financing for large developments has dried up across the United States, so the firm behind Flushing Commons, an $825 million, mixed-use project slated to break ground next year in the heart of downtown Flushing, has turned to Chinese money for help in getting a shovel into the ground.

Since the project cannot move forward until the city approves a financing plan, the company is looking “outside traditional financing methods because those methods are not available,” according to TDC President Mike Meyer.

“Our project is $825 million. That’s a heavy lift,” he said. “Since the financial markets here are not financing ground development in any substantial way, we’re going to have to utilize unconventional forms of financing, such as going to China.”

TDC, a Chinese-American firm with offices in China, is taking a number of steps in hopes of securing Chinese loans, including hosting a delegation of Chinese developers and real estate companies in Flushing, where they will tour Onex Real Estate’s $1 billion Sky View Parc development on College Point Boulevard and share a large dinner at TDC’s Queens Crossing building on Main Street.

TDC, which is currently building a “world trade center” project in Nanjing, China, that is 2.5 times the size of the 800,000-square-foot Flushing Commons, is also pursuing funding through the federal EB-5 visa program, which provides immigrant investors — TDC is looking mostly to Chinese nationals — with a pathway to obtaining green cards for investing $500,000 or more in American projects.


Claire Shillman said...

Hold on. Let me check my pockets for chump change.


Anonymous said...

So they are essentially selling green cards at half a million a pop to finance a project that is so risky it can't get funding here. Lovely.

Ching Chow said...

There you go....Julia Harrison was a visionary....a decade ahead of her time....China is now in their final stage of colonizing Flushing!

Anonymous said...

Those comatose dopes at CB#7 approved this project purely on spec.

They all need to be dumped!

This was the plan...WELLINGTON ZHOU CHEN'S plot all along...that this was to be built solely for and by the Chinese.

And what will the Chinos be buying besides green cards, some more politicians?

Anonymous said...

Buy green cards, create new citizens to fill all the empty residential units that have gone bust in Flushing...then the crooked local pols such as Toby Stavisky can buy their votes!

Anonymous said...

Gee....if TDC's Mike Meyers can't pull this off he'll have to go back to sucking....well, never mind.

Anonymous said...

There go Marilyn Bitterman's perks (arranged by Wellington Chen?)if this project goes bust.

But at least her hubby Jack still has his lifetime USTA privileges.

How did he get them?

And who paid for the Bitterman's trip to (Toronto?) Canada years ago?


Anonymous said...

And of course shady Congressman Ackerman (of the Asia committee) will push through the sale of these green cards for some greenbacks deposited into his off shore account.

Yeah, we heard about that Gary and maybe so do the feds!

Anonymous said...

Flush-Com will go under.

It'll never be built in the middle of this national depression.

That's right it's not a recession but a depression!

Maybe not the 20's-30s Great Depression....but a full fledged depression nonetheless!

NYC should pull the project.
TDC was bullshitting everybody.

Anonymous said...

The financing was never there.

TDC and their shady pals were selling a pig in a poke and CB#7 fell for it.

NYC really needs to abolish the community board system.

It's a tax eating sham.

Toby Stashitsky said...

As long as "they" don't investigate the North Flushing Senior Center. I'm making money up the ying yang!!!

Evan said...

Life is good. Isn't it ma?

Anonymous said...

no surprise at all... TDC knew all along that they were gonna bring in their kin and own more of flushing then before, and of course who the hell is gonna get all the set aside apts for low income ... guess.. and the rest of the units will be filled up by them and those the bring in with brought cards to buy up more and more of NYC and flushing while making they kin richer....bla bla bla

Claire Shillman said...

If anyone is looking for an illegal lobbyist...

Anonymous said...

Does that mean that the Willets (Wellington) Point project is in jeopardy too?

Isn't TDC supposed to build that also?

With TDC's financing in doubt maybe "granny" Shulman will be taking her dirt nap before she sees WP completed....or even started.

Anonymous said...

With TDC's financing in doubt maybe "granny" Shulman will be taking her dirt nap before she sees WP completed....or even started.
Your mouth to God's ear! Amen!

Anonymous said...

I wouldn't exactly call TDC a firm.

They look rather weak to me....
can't even get their financial backing up.

Maybe Mike Meyers needs to rub a little harder!

Anonymous said...

When Zeckendorf wanted to build on the same spot years ago, at least he had the money!

This whole thing is just a Chinese fire drill!

Big money!

Do you think that overseas Chinese are stupid?

They'll look at Muss's faltering Sky View Parc project and know that making oodles of money off of developing Flushing has hit a major pot hole.

The Chinese investors will look to more profitable parts of the world to invest their yuan!

Anonymous said...

If the Chinese put up buildings the way they manufacture their substandard products, we should all be cautious about walking past Flushing Commons, if it's ever built according to existing plans!

For eaxample:
Victoria Towers, further south on Main Street, is (what?) about 4 or 5 years old and it already has scaffolding way up to the roof.


To correct faulty construction?

Gene K said...

I wouldn't exactly call TDC a firm.


Well I'M getting firm thinking about TDC!!!

Chuck A said...

Me too, boss!

Anonymous said...

Is Wellington Z. Chen now frantically scrambling about the Orient trying to raise money so he won't lose face?

Nickels and dimes in a purse won't do when millions are needed!

Why is it that men of diminutive stature like Chen always behave like wannabee emperors?

Wellington's big dreams are beginning to look a little shattered.

Bye, bye "little duke"!

Anonymous said...

I'll bet that Willets Point development gets severely scaled back or never built too.

We're living in hard times and they're not improving.

TDC is in deep doo-doo there too!

Anonymous said...

NYS and Queens needs a governor with "Chris Christie DNA"

Anonymous said...

Hope this means Flushing Commons will never be built. And hopefully those investors will get wind of the financial disaster that is happening to SkyView Parc.