Sunday, July 31, 2011

Willets Point project a bust?

From the Times Ledger:

...today a survey of the Flushing area reveals that a series of large-scale development projects totaling several billion dollars has been approved to be built over the next several years.

But even the best-laid plans often end in the dustbin of history. Those high-profile projects are facing significant obstacles and may be scaled back significantly or never even break ground.

That prospect does not portend well for the future of New York City’s real estate and construction industries, the magnates of which are waiting to see if the Flushing boom turns out to be a bust before throwing big money at development proposals across the five boroughs. That increased focus on the neighborhood has cast Flushing as something of a bellwether for the city’s residential housing industry.

With the economy still depressed, several other major projects, including the city’s $3 billion proposal to overhaul Willets Point, have yet to emerge from the planning stages.

Several sources close to the Willets plan, which Bloomberg announced in May 2007, say the project faces massive uncertainty.

At least one builder plans to ask the Bloomberg administration to push the deadline for development proposals back several months. And three sources said few companies plan to submit proposals because the project is too unwieldy, inflexible and expensive to justify the risk during this time of financial uncertainty.

17 comments:

georgetheatheist said...

Be quick. Shulman sleeps in her casket. Grab your hammer and stake before the bird sings at dawn.

Claire Shillman said...

Well, I got mine. I'd like to take this opportunity to thank the NY Mets for throwing an event to help me pay those unfair illegal fines...hahahahahahahahaha!

Anonymous said...

Stake Donald Manes too while you're at it.

These are all his old plans for Willets Point....give or take a little here and there!

Anonymous said...

Where does that leave Michael Myers, TDC, Fultonex, etc. and Flushing Commons?

Mike can't get a top flight job with any American firm so he's been diddling with the Chinese.

They'll dump him soon too!

Anonymous said...

Drop the B.S. and let's cut to the chase.

Nobody wants to throw money away in over saturated Flushing anymore even the Chinese.

There are better parts of the world to invest in.

Anonymous said...

FYI:
In case no one noticed,
there was a conference held at the Sheraton East Hotel in Flushing recently....the "first annual" real estate conference....whatever they called it.

If all is so great in the downtown hub there would be no need to hold such a conference.

No matter how the spin doctors weave their yarns and tall tales....everybody's worried and for damn good reason!

Flushing might have well reached it's maximum growth stage.

This bloated center is losing its "luster" as an investment mecca.

Represented on this real estate discussion panel were many of the usual suspects that have been trying to "improve" Flushing from way back in the day.

i.e.
Myra Baird Herce; Chuck Appelian; etc. plus some local government goof balls.

All did their best to shovel their share of hoopla 'n horseshit....
"spreading the appropriate propaganda"(as wellington Chen has said in the past)....to assure the news reporters (and foreign investors) that all is well.

Check out the "Courier" and "Chronicle" for more info.

All of the bustle and hustle has turned to bust and dust!

With the USA's credit rating already damaged by a rabid Congress....a lot of potential overseas investment money is staying overseas!

Mayor Mike said...

Nobody wants to throw money away in over saturated Flushing anymore even the Chinese.

I have plenty of money for "flushing"! What? You're talking about Queens? Never mind!!!

Anonymous said...

I disagree - compared to third world Queens is a dream.

You are going to get a lot of foreign money flowing in and these developments will soon become drab human barracks that litter the landscape of the 2nd and 3rd world.

The units will be purchased by speculators that will fill them with 5 students/filapina nurses/equatorian daylaborers.

Because it bails out the pols and their development buddies, the press will crow their admiration and the rest of you, glued to your Met game / American Idol / World of Warcraft will bearly notice.

And "Honest Joe" Crowley will quietly raise his family far away from this urban nightmare abrewing in Ole Virginny.

Nora from Dutch Kills said...

We need a poll here - what is the worst urban trainwreck - current or future:

1. Downtown Flushing
2. Downtown Jamaica
3. The Roosevelt El
4. Queens Blvd in Elmhurst
5. Dutch Kills/Queens Plaza/LIC
6. Willets Point

Anonymous said...

First, staff at State DOT "dropped the odds regarding success" of EDC regarding this project.

Now, "several sources close to the Willets plan … say the project faces massive uncertainty".

Has anyone told the a**holes at EDC? Apparently not. EDC continues to pursue grabbing the property, for a project which is unlikely to proceed. And EDC does so, using $410 million set aside during economic times that were drastically different than those today. The sane thing to do would be to re-evaluate the purported wisdom of this project, rather than continue to pursue it under outdated marching orders.

But it comes as no surprise that EDC has not done so. This is the same outfit, after all, which funded a lobbying campaign for the project that apparently violated State law, and testified falsely regarding the purported need to remediate Willets Point as one continuous site. It seems there is nothing that EDC will not do to force this project on the City.

Anonymous said...

But did Chuck and Gene get their share?

Anonymous said...

"Nobody wants to throw money away in over saturated Flushing anymore even the Chinese"

Amen to that.

The streets of Flushing are filled with recently built empty or half-filled crapshacks & ill-conceived projects; overgrown empty lots, where decent homes once stood, and a glut of "for sale" signs, with no buyers in sight. You'd have to be INSANE to finance building here.

Anonymous said...

The former site of Peck's office goods store in Flushing has remained an empty lot....which is now being offered for rent for anything to make the owner a buck...parking, etc.

Another big SUCK-sess story!

The balloon has busted!

And there sits "follow the buck" Chuck Apelian fretting over the loss of kickbacks (???) from developers.

Anonymous said...

We need a poll here - what is the worst urban trainwreck - current or future:

1. Downtown Flushing
2. Downtown Jamaica
3. The Roosevelt El
4. Queens Blvd in Elmhurst
5. Dutch Kills/Queens Plaza/LIC
6. Willets Point

Awnser: All the above
It is just too difficult to choose just one.

The Gene and Chuck Dog and Pony Show said...

Anonymous said...
But did Chuck and Gene get their share?

----------------------------------------------------

Our pockets are overflowing. Did you expect anything less? Thanks for asking.

Anonymous said...

It's Chuck that runs the CB#7 show.

These days, Gene's too busy eating and drinking...make that DRINKING and eating...to know what's really going on.

Oh, he bellows loudly and hurls insults at a shrill decibel level to try and show he's still got balls!

But everyone in attendance knows he's lost control of their meetings.

Jerry Rotondi said...

Whoops,
Claire Shulman might lose some of her retirement income.

Hard cheese old girl!

Consider it payback for you screwing your constituents by not supporting full landmark status for RKO Keith's Flushing Theater while you were borough president.

Do you think you could persuade Tommy or Henry Huang to kindly donate to your nest egg?