Thursday, March 8, 2012
Looks like Flushing won't get 400 new condo units
From The Real Deal:
A 160,000-square-foot development site in Flushing once slated to become the area’s first gated mixed-use community could soon be the property of the bank, according to data from PropertyShark.com.
Lender, Ohio-based U.S. Bank National Association has filed a lis pendens, marking the first step in the foreclosure process, against the developer of the 3.73-acre plot at 39-08 Janet Place in Queens, claiming it owes the bank $36 million in financing it provided to the project’s owner Abs Flushing Development in 2009.
Abs purchased the site from the Vintage Organization in 2006, which was planning to develop a mixed-use gated community along the Flushing River at Roosevelt Avenue, according to new reports. It was slated to include residential towers with 400 condominium units and two low-rise commercial buildings. It paid $26 million for the property, according to public records.