A long-defunct parcel of land located on Flushing’s waterfront will have a new owner, according to previously published reports.
On Nov. 16, The Real Deal reported that developer Chris Jiashu Xu, of the Corona-based United Construction & Development Group, is in contract to acquire the 3.7-acre site at 39-08 Janet Place, also known as 131-35 Roosevelt Ave., for over $100 million.
This particular site has a rocky history, including a brush with foreclosure and stalled development plans that have left it deserted and in disarray. Plans for a five-tower, mixed-use development designed by architect Ismael Levya were first developed in 2006, when the sellers—an investment group consisting of ABS Mangement & Development and Babad Management—first purchased the property. The plans are approved by the city, but the property remains barren.
10 comments:
100 million bucks?
Smells like the Chinese are laundering some major money through real estate.
So what's new here?
It all started with Tommy Huang.
Now, overpaying for land has become the norm.
When land is not really worth the price of payment, one is only left to suspect that something awful shady is going on.
CB7, of course, will bless any overdevelopment project proposed.
Does follow the Buck Chuck Apelian get to skim a finder's fee from the project?
CB 7 needs a good enema to clean out the pack of bobble heads and crooks that make their home there.
Nice place for low income and affordable housing?
Holy frijoles! Or in the lexicon, shénshèng de gǒu shǐ! $100 million? It takes a lot to shock me, but that's a lot of 'shcarole for a remediation site on a stinking waterway next to a screeching el.
Add to that the parcel onn 165th street and Sanford Avenue. An old landmarked church with a ton of land. Our next concrete shitbox...
100 million bucks?
Smells like the Chinese are laundering some major money through real estate.
They have been doing it for years.
Diversity is great, the minority realized the majority is just as corrupt as they are.
Perfect I'd say.
PS. there isn't a fucking thing worth $100 mil in Falasheng that's for sure.
Can the 7 train get any more crowded?
And the RKO Keith's is headed towards , or on its 5th owner, at sixty million saw bucks?
Overpriced real estate indicates China is parking and, INDEED, laundering tons of cash in Flushing.
Let Donald Trump build a replica of the Great Wall, and make Flushing a real clean Chinese theme park attraction.
P.S.
If it is going to be an Asian colony, then cede the deed to the Chinese.
Let them. run the area with their own money, not NYC's!
Asian colonies are not bad when you wake up and sell your house for a great profit !
If it is going to be an Asian colony, then cede the deed to the Chinese.
Let them. run the area with their own money, not NYC's!
???? They ARE running the area with their own money. They are like you say laundering it and providing a boost to the economy.. NYC needs that money from outside. Without it, there is no real estate market. So you just contradicted yourself. smh.
Asian colonies are not bad when you wake up and sell your house for a great profit!
D-mn straight. And here people are complaining blah.. yellow fever ...blah.
But when they are in need to boost up their house profit, they yell for help, hey where are the chinese!?
My friend on Long Island near Port Jeff couldn't even sell their house for a profit and it is been on the market for 6 months. It's a nice property too. They bought it in 2000 for 180,000 and now it's only worth 210,000.. 15 YEARS.. and only rise in 30k.
In Queens.. that is 1 million bucks right now .. a 10 times return.. why? because most of the chinese.. else it will only be worth 600k max. And yet yall complaining..smh.
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