Saturday, December 10, 2011
Whitestone brownfield for sale
A rare 18-acre development site—the largest available in Queens—is up for grabs at a deep discount, according to Massey Knakal Realty Services, the brokerage tapped to exclusively market it.
The waterfront property, located at 151-45 Sixth Road in the borough's Whitestone section, was approved by the city for 52 single-family homes, according to Stephen Preuss, first vice president of sales at Massey Knakal. The plot includes six underwater acres suitable for boat docks or a marina.
The previous owner defaulted on his loan and the site was taken back by the lender, said Mr. Preuss. According to public records on PropertyShark.com, Capmark Financial Group is the lender and the original mortgage on the site was $4.2 million. There is no asking price for the property at this point.
“This is a unique area of Queens and is ideal for a local multi-family developer,” said Mr. Preuss, who would not disclose how much debt is on the property now, but said that the total “far exceeds what the property will sell for.” He stressed that the property will be delivered to the new owner clear of any liens.
The previous owner received approvals to build 52 single-family homes averaging at least 3,200 square feet designed for middle to middle-upper income families.
Of course, this is referring to Bayrock Whitestone.
The owners got into a little legal trouble.