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.
6 comments:
A gated community...intended for the Chinese...no doubt.
The creation of an Asiatic colony in the downtown hub wasn't good enough.
Imagine..."luxury" living adjacent to the "fragrant" Flushing River.
No wonder the project went bust!
Nearby "Sky View Parc's" residential units are hardly rented...although its developers would have you believe otherwise with some slick PR spin.
Ah yes, wake up in the morning to the 7 train click-clacking below your windows. Open your terrace doors to the luxurious view and aroma of the bubbling Flushing river alive with floating dead seagulls. Not to mention the wafting fumes from diesel trucks idling at the next door warehouse.
The developers who thought up this project belong in a gated community called an insane asylum.
The more important question being:
Where is the 36 million dollars now?
Actually we find wafting aroma of sea creatures now most dead to be pleasing. Also much spittle from many new residents will soon add to river. many many crashes of car will follow with big influx of people from alea.
Intended for the Chinese? WTF are you talking about. You make it see as those non-Chinese people are dying to live in Flushing anymore.
You all have no idea of the market. Flushing is a hot neighborhood right now and Sky View Parc apartments are selling fast. As of today it was listed as number 8 of the hottest selling buildings in the first quarter 2012. Imagine when the whole buildings will be sold out and Willet point project near by will start soon, Flushing will change dramatically. DEP will start to clean up the river soon.
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