An 18-acre waterfront property in Whitestone earmarked for the development of 52 single-family homes has been listed for sale by commercial realty company Cushman & Wakefield.
The property — located at 151-45 Sixth Road in Whitestone and known as Waterpointe — is currently owned by Edgestone Group, which paid $11.3 million for it in 2012. Cushman & Wakefield broker Stephen Preuss confirmed that the agency has been exclusively retained to arrange the sale, which is marketed to buyers looking to carry on Edgestone’s plan of building 52 homes and a waterfront park.
The property is listed to be sold “as-is.” Buyers would take up the burden of arranging for environmental cleanup of soil vapor which has been recorded to have elevated concentrations of aromatic and non-aromatic chemical compounds. Additionally, new owners would be tasked with mitigating any potential threat these vapors could pose to a residential community.
According to Preuss, the sellers did not name an asking price and are requesting proposals from potential buyers.
“Like any smart property owner, they’re seeing what the market has to yield currently,” Preuss said. “We’re in a very active market and there’s not a lot of large-scale, bulk land available in the boroughs.”
When contacted by The Courier, Waterpointe architect Joe Sultana disputed that the property was for sale and implied that he believed the listing to be unauthorized by the development team. Sultana said that to his knowledge the project was continuing as planned, with a meeting to discuss details of the development scheduled for September with members of Community Board 7.
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When contacted by The Courier, Waterpointe architect Joe Sultana disputed that the property was for sale and implied that he believed the listing to be unauthorized by the development team. Sultana said that to his knowledge the project was continuing as planned, with a meeting to discuss details of the development scheduled for September with members of Community Board 7.
The "architect" for the project, Joe Sultana, is full of shit. The property has been on the market for months in the Chinese press. No overseas Chinese are biting, so they put it back on the local market.
The bottom line is that the current owners do not want to clean up the site as they have been ordered by consent to do by the NY State Department of Environmental Conservation, so they're trying once again to make a huge profit on a contaminated piece of property by dumping the problem on the next sucker - I mean, owner.
The days of foisting real estate on the Chinese overseas market are dwindling.
China devalued its Yuan four times. The economy is in trouble.
Easy money ....ready to buy any American land....is not as easily available.
The Chinese are becoming more cautious and they will not buy this pig in a poke.
The site has major troubles.
Correct me if I'm wrong....but wasn't Paul Vallone in favor of this development?
Lies, lies, lies!
And who but Vicki Schnapps weak-lie news rag would print them?
Somebody is drunk and did not do some basic investigative reporting.
Looks more like "Waterworld".
It's in a flood zone! Didn't anybody see that dumb movie and learn a lesson?
Looks and reminds me more like this...
http://propimages.apartments.com/100/9202/4601317_64.jpg
which led to this...
http://www.nbcnewyork.com/news/local/Edgewater-New-Jersey-Apartment-Complex-Fire-289367561.html
the pols have plenty of money - buy the damn thing for a park. you can even name it after a hack like horace harding.
The pol's will never go for making it a park. That waterfont site is worth too damn much to throw away for public use and abuse.
They will argue that Whitestone already has one near the bridge and then there is Fort Totten..
That's a nice dream your dreaming but it's time you woke up.
Tainted land, what will it cost to clean up?
Waterpointe? Why the silent e at the end? Illiterate developers or an attempt to make the homes look quaint with a bit of Ye Olde English?
Why does it have to be anything?
The silent "E" is to give it "Klass" with a capital "K". LOL!
Whoever gets it, the mob is involved. Mamma Mia, this is Whitestone, their home.
I'm sure their goombah wannabee Don Vallone will be on their side.
The Vallones have been political mobsters since Charlie "the judge" Vallone in the early 50s.
My anecdotal comment on seeing this for decades-- stay away from any developments/construction/apartments/houses/condos, etc. etc., that use "pointe" in their names. They are all cardboard crap of the first degree, built on wetlands (that's the fancy word for swamp). J-U-N-K.
lol i don't understand why anyone would say the courier didn't investigate, who else could they have spoken to other than the broker directly involved and the architect?
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