Tuesday, October 16, 2012

Fannie Mae ❤ SkyView Parc

From Crains:

The massive Sky View Parc condominium development in Flushing, Queens, has received a key thumbs up from Fannie Mae. The federally backed institution will insure mortgages in two of the development's three buildings, according to their owner Onex Real Estate Partners on Friday. The news marks an important milestone for the long-troubled project.

The two towers, at 40-26 and 40-22 College Point Blvd. in downtown Flushing, are 75% sold or in contract, according to Onex. Sales at the 448-unit development have rebounded since last year when the sponsors settled a lawsuit with dozens of buyers at the development. The buyers had sued to get out of their contracts to buy $50 million worth of apartments. The settlement gave them more than $3 million.

Two years ago Related Cos. was tapped to manage the residential property to boost sales. Marketing of Sky View Parc began four years ago. Originally, Muss Development was a partner in the project but it is unclear if Muss still has a stake in the project. Onex took over in 2010. Sales of 134-unit Tower 2, the last building to rise at Sky View Parc, have not begun yet. The status of that building could not be determined immediately. Muss couldn't be immediately reached for comment.

12 comments:

Anonymous said...

one wonders how much taxpayer $$$$$$ will be kicked back to the obama election campaign, in order to obtain the Fannie Mae government loans ?

Anonymous said...

Just who is going to kick the taxpayers money into the Obama campaign, I'm a little confused?

Anonymous said...

Here we go again...YAWN...Obama.

Johnny one note...do you play any other tunes or can't your brain handle it?

I think the readers here are getting tired of hearing you always blaming YOUR own personal failures on government.

Maybe you're not up to snuff to make it in America.

Uh, bub....those Fanie Mae loans were in place
under George W. Bush's reign.

Anonymous said...

watch out for the landing gear! I wonder how many tire tracks are already on the rooftop?

Anonymous said...

Gee. I wanna live there. Then I can cross College Point Blvd. and visit my homies at the Bland Houses. After that I'm gonna walk over to the Flushing River and take a stroll along the banks. Life is good. Nothing to see here. Move along!

Anonymous said...

Fannie Mae mortgages?! Good-bye Bland, HELLOOOO Sky View!

Anonymous said...

Kiss my Fanny Mae!
Bland has almost been completely taken over by the Chinese.

If it hasn't...it soon will be.

Anonymous said...

Elect Romney so that Fannie Mae can be sunsetted.

Taxpayers have (and continue to payoff) every defaulted Fannie Mae loan at 100 cents on the dollar.

Anonymous said...

Who on community board seven works for mus??????????

You know the board that approved the whole sky view park and subsequent land grab....

I wonder who????????

Anonymous said...

This complex is amazing just sitting there in the cesspool and smell of Flushing creek mud flats among the most unsightly views ever created by human-kind! You have to be out of your mind to take in this sickly foul smelling air and visual assault on the senses - and you pay up for this to live or invest in this?

Anonymous said...

Talk about block busting and gerrymandering! WIlfred Dalton said Mitchell Linden was built to unseat George U Harvey as Borough President.

Anonymous said...

I think this building is doing so well. Whoever gets jealous because they cant live there or they dont want people to do well. I believe the future of Flushing will be bright and full of optimitic.