Wednesday, April 24, 2013

Purves Street lot for sale (hooray?)

From The Real Deal:

A development site in the Court Square area of Long Island City is slated to hit the foreclosure auction block May 17 with an outstanding lien of $38.54 million.

The residential development site, at 44-30 Purves Street, was formerly controlled by developer and landlord Baruch Singer and investor David Weiss, who financed a residential project at the site in 2006 with a $13 million mortgage-backed loan from G3-Purves Street LLC, an entity which appears to be linked to Goldman Sachs.

The lender filed to foreclose on the property last year after Singer and Weiss reportedly broke the terms of their non-recourse loan agreement with G3 by failing to pay $90,000 they owed in real estate taxes and several other liens against the property.

Baruch and Weiss acquired the property for $9 million in 2006, public records show. The duo also appears to have purchased an adjacent site for $5 million; that site is subject to the same foreclosure action. They listed the property for sale in 2007 with a broker team from Pinnacle Realty but failed to find a buyer before losing control of the site.

You may recall Purves Street from previous posts with assistance from Miss Heather.


kingofnycabbies said...

Purves is one of those dead end blocks that runs from Jackson Ave. to the Sunnyside Railyards. There have been residential towers built on that street already, with similar plans for an old Eagle Electric plant two blocks away on Queens Street, and in the other direction, where 5 Pointz is due to be razed. My question: how long 'til the newbies insist the railyards shut down for their nighty-night time? I see a Van Bramer photo-op a-comin'.

Anonymous said...

No, what will happen is tons of money will get diverted once again from our communities and the taxpayers that live there to support development by decking over the yards.

Once the yards are decked over can shopping be far behind? A sport facility, hell, just like the logo for Flushing, just a "world of possibilities."

The time to go after Van Bramer is now - why is he letting yet more development at those yards knowing that it is a source of complaints.

kingofnycabbies said...

Back in '73, a plan was floated to put a racetrack and a stadium on top of a bedecked Sunnyside Yards. It'll just keep being proposed until it happens.