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.

Miss Heather visits Purves Street

"Here are some images I took last week. This is the site that yesterday's reader referred to as being on Purves Street. Feel free to use them.


I'm a really big fan of the following one.

Wouldn't YOU like to have a luxury condo overlooking this "added value". If my memory serves me correctly the condo in the background (with the white lattice work) was built by Scarano and won an architecture award."

Miss Heather

Oh yes, I recall!

Cash crunch causes condo crash in LIC

With credit tightening and real estate prices citywide plateauing or starting to fall, one phrase encapsulates the beginnings of a possible cool-down in the once white-hot Long Island City condo market: Fire sale.

That’s the heading on a recent Prudential Douglas Elliman listing for a three-bedroom unit at 44-27 Purves St., a new condo building going up off Jackson Avenue in Queens Plaza. The 1,249-square-foot apartment is selling for $725,000 with $784 in monthly maintenance fees.

Meanwhile, there are signs that sales at Queens West Development’s first condo building, with units first put on sale just after Labor Day, haven’t been all that robust either at a starting price of $650,000 for a one-bedroom.

So the prospect of a rough road ahead is real, even for Rockrose’s highly-anticipated condo development, which boasts unobstructed Manhattan skyline views and a waterfront location that includes a soon-to-be expanded Gantry State Park.

But for units in other developments without those perks, like the condos going up near Purves Street in the heart of asphalt-covered Queens Plaza, the future looks even murkier. “I’m a little surprised at the locations of some of the buildings,” McMillan said. “They’re near major traffic arteries and bridges, where there aren’t many residential amenities.”

Read the whole article about what a train wreck LIC condos are becoming.

Miss Heather returns to Purves Street

This is a nasty accident, mugging and/or homeless encampment waiting to happen.

Views from Purves Street

I'm including this one (from across the street) because I think its funny.

H

Rats, construction fence all over LIC sidewalk

"Hey, Queens Crapper!

I'm still here in Long Island City and still things have not improved. Actually, it got worse. The DOH finally came and gave the stalled site on Pearson Street a violation, but they did not bait the area - nor did the property owners clean anything up. Rats still patrol the street. If you look at the DOB site, the deadbeat developer didn't even go to his five hearings. They are all in default for $17,000.00. But I have a feeling that the city will never collect it. Instead, the neighborhood suffers and the developer (in a few years) will make some deal with the city and maybe pay 10-20% of that.

Now, the illegal fence has collapsed and the DOB has been notified. The illegal fence is obstructing the sidewalk and it is now partially in the street. Thank God this fence did not collapse on a person. First, let's see how long it takes the DOB to come and then let's see how long it takes this developer to actually do something. As you can see in the photo, the garbage that was complained about over a year ago is still there. Not seen in the photo are 2 dumpsters filled with debris that have been on the site for a very long time.

I know that I am not the only New Yorker whose neighborhood or block has become worse due to irresponsible developers, but it sure feels that way. This city loves to ticket taxpaying homeowners, but when it comes to sites like these - the city doesn't want to deal with them. In addition to being an eyesore, a breeding ground for vermin - it is truly a safety hazard for the community and all New Yorkers. I guess I can't complain, right a cross the street from the Arris Lofts - the empty structure has a missing panel of what you can call a fence. Be careful everyone -don't get too close - you'll fall about 2 stories down as the building was originally on Purves Street. Don't you love how the DOB and the city (who knows what is out there) keeps us all safe. Only when there is a tragedy - a death or an injury - comes from negligence from both the developer and city will something be done. That's really sad."

- A Concerned Long Island City Native
So the area went from an "underutilized wasteland full of abandoned warehouses" (as the LIC realtors like to tell us) to a giant underutilized empty lots with weeds, rats, graffiti and debris? Sounds like real progress to me!

Curbed visits the real LIC

From Arris Loft's Phantom Menace -

Specifically, there is some back-and-forth on whether or not hookers patrol the blocks near Arris, which is just a stiletto throw away from the 59th Street Bridge.

A post by an Arris loft owner (#31):

"I bought at Arris and people are right - it was a huge mistake. The train noise is definitely noticeable. They blow the horns every time they enter the tunnel. It is driving me crazy. I'm up every morning at 4am. My unit was a mess when I did my inspection and it still is now. No progress has been made since move in. Very shoddy construction - cracked tiles, uneven countertops, gaps in floorboards, faucets missing seals, etc., etc. Construction workers are in and out of my unit to fix things, but but although some jewelry is not missing nothing seems to get fixed. I've taken quite a few days off from work to deals with this. Walls are paper thin. I feel like if I lean too much against it I will fall into my neighbors unit. I hear everything my neighbor says and he seems to be into rock music which I am not. The hallway walls are a psychedelic orange color which was not disclosed by the broker. It looks like someone threw up or a kids playroom in the hallway.

I would put my unit on the market, but I would probably lose my shirt. First all the construction delays pushed my closing back until the middle of the subprime meltdown. The appraiser at first bank I was going to use appraised the unit below what I paid for it. Fortunately I was also dealing with another bank whose appraiser came up with my purchase price, or I would have lost my deposit. I've got a jumbo loan so my int rate shot up 2 points from what I was planning since I did not have a lock. That's really squeezing me hard. I'm living hand to mouth now. The maintenance reduction for the lack of amenities helps, but it will be tight once the full amount kicks in.

The area is lonely. I was warned before i bought, but i ignored the advice. Its probably safe, but at nights I'm constantly looking over my shoulder and anticipating someone jumping out from the shadows. I miss having my Manhattan friends pop in. Despite all the nearby subways no one wants to come to Queens. There no place to shop or pick something up on the way home. I thought Fresh Direct would bridge the gap, but I was mistaken about how much impulse buys I make.

Guess I'm stuck here for the short term. Stay far away! Consider yourself warned. Undoubtedly some will consider this an exaggeration, but if you live here come knock on my door and I'll show you myself. I'm not afraid to admit I made a mistake here. Just hoping to ride it our sell and move to a more established local. To the Arris lovers out there I have not shared your experience, but the people have been nice overall. No amount of amenities makes up for the pit in my stomach when I come home at night."

By Arris owner at September 13, 2007 1:23 PM
___________________________________________
Followed up by #66:

A comment from the sidelines...

L.I.C. was a haven for prostitutes, addicts, dealers, etc. for many, many years.

There are definitely still remnants of darker days in the neighborhood, but their presence has sharply declined over the past few years. You can still find prostitutes in the areas around south of The Queensboro Bridge such as Queens Plaza South & Vernon Blvd, Crescent Street & 43rd Avenue, Purves Street, Gantry State Park, and from time to time around the Arris Lofts. I know a few people who work at the 108th Precinct, and they tell me that these tend to be "hotspots" in the neighborhood.

I live in a very charming pre-war walkup in the neighborhood. I write this as a way of demonstrating that I have no bias, good or bad, to Arris, Citylights, Ten 63, or any other of the new developments in the neighborhood. Your buildings are often a point of discussion among my neighbors. They're concerned where all this development will take the neighborhood and more specifically, what type of person will move in as a result.

Most of my neighbors think of most recent transplants as spoiled, petty brats who are eager to flaunt their status with blatant namedropping in regards to where they live. Furthermore, they appear so desperate to protect their frail egos that they readily attack anything not associated with their camp with the kind of juvenile language and tactics I haven't seen since grade school.

It's very depressing to read over your comments. You've basically confirmed what most of the local residents who actually care about their neighborhood already know.

I had hoped for a far better element to move into L.I.C. As gritty as it can be sometimes, it deserves better.

By bricks & bones at September 14, 2007 4:54 PM

UPDATE ON PURVES STREET

"the power of perseverance (and queenscrap)

just snapped this photo--sanitation has been out there this morning cleaning up the lot. good work OP."

- anonymous

(Let's hope they send the owner the bill.)

UPDATE ON PEARSON STREET

I saw the posting about Purves Street - happy that something is being done, but safety is really the most important - the DOB should have it barricaded on Thomson Avenue. Just a little update, the buildings dept still did not come to Pearson Street - not surprise, but the developers did try to "fix" the fence. This is really laughable. Let's wait and see if the DOB thinks this is acceptable. Check out the pics. It is being held up by pipes and pieces of debris. I guess - they just used what they have - a lot of garbage.

The Concerned Long Island City Native

Purves and Thomson: Will someone PLEASE take care of this mess?

"I think you featured this a while back but the wooden fence surrounding this open lot is broken again (and has been for more than a week).
[Yes I have and so has Miss Heather...]

Fifteen foot drop into the pit." - anonymous
Oh look, a stop work order exists here since 2008... for the fence. And those pieces of tape on the permit indicate they've been socked by Sanitation several times as well.

You'd think the new residents of LIC would do something about this. After all, weren't we told by several commenters here that their "new wealth" would bring better city services?

If this site were in the ghetto (or even in the old LIC), there would have been a guerrilla planting effort with murals painted on the walls. In a few months, the electeds would have been allocating funding toward keeping it a community garden.

Instead, new wealth has brought us Queens Crap. Enjoy!

Prudential Douglas Elliman redefines "waterfront"

From the NY Post:

$735,000

Bedrooms: 2 Bathrooms: 2 Square feet: 1,238 Common charges: $636 -- This brand-new waterfront condo on Purves Street features Brazilian-wood plank floors, a private balcony off the master bedroom and radiant-heated floors and a cast-iron soaking tub in the master bath. But those all take a backseat to the "spectacular" city views from almost every room. Plus, the building has a common roof deck, gym and parking.

Agent: Jermain Miller, Prudential Douglas Elliman

Waterfront? Click here to see where this is. Sales must be slumping...

Life in the "new" LIC in a nutshell

From LIQCity:

The cigar lounge that was in the works, HALO, seems to have burned up in the hot summer sun… or melted away in all this rain, whichever you prefer. Ultimately, it doesn’t look like it’s going to happen.

The Gristedes that was to arrive to the bottom of the Arris Lofts also seems to have evaporated. Sad news, we know, for Arris Lofters, and Purves-ites. Perhaps all the day workers in Court Square will also shed a tear.

This is followed by an anti-dentite sentiment, disappointment that a French bistro still hasn't opened yet, noting that an established restaurant changed their facade and wowzers - a new local real estate office is soon to open!

Photo from LIQCity's Flickr page.

LIC getting thousands more people - with no increase in services

From LTV Squad:

As anyone who has been paying attention (or read my last article) knows, the neighborhoods of Greenpoint, Williamsburg, LIC (and soon Astoria) have been seeing massive increases in population without significant associated increases in city services (first responders, transit, schools, hospitals, etc).

We already know this is a problem. This article is will focus on LIC and clarify the scope of this problem.

Let’s look at several large planned development projects – many of which have already begun and will be completed in the next 3-5 years:

• The residential towers being built at the former 5ptz will result in 1000 new apartments.
• The residential towers being built at the former C.N. West factory will result in 1,789 new apartments.
• The building going up next to where 5ptz was will have 182 new apartments.
• The former site of one of the Eagle Electric factories on Queens Plaza will have 400+ apartments.
• The former site of another Eagle Electric factory will have 780 apartments.
• A new tower on Purves street (former site of 3 low rise factories) will have 270 apartments.
• Two other towers will bring 119 new apartments near Queens Plaza and on Vernon.
• There are dozens of smaller projects in LIC as well – enough to keep an entire blog very busy with updates. Together they add up to hundreds more new apartments.

Just the above large projects alone will result in 4,540 new apartments. If we assume two residents per apartment, that will be 9,080 new residents moving to LIC within the next 3-5 years. When you consider there’s at least a dozen other smaller ‘development’ projects in the works my estimate of 9000+ new residents is actually a conservative estimate.

• There are no plans for any new first responders to support these residents.
• There are no plans for any new first responders, or even additional trash collection to support these residents.
• There is currently one new school planned which will have 456 seats. It will be in a leased space and not a proper city owned school building.

All of the above ‘development’ projects pale in comparison to Hunters Point South, which will bring 5000 new apartments and up to 10000+ new residents to a previously vacant/industrial area.

The ‘Hunters Point South’ area was under water during Hurricanes Sandy and Irene, and is a ‘Zone A’ flood zone.

Read the whole thing. It's quite informative and 100% on the money.

Court Square has a Scarano - LIC has arrived!

"Hey Crapper,

Thought you'd like to see the latest crap to hit Long Island City, its called The Vere or Vere 26, not really sure how to pronounce this crappy building is it Veer, Vera, Ver, anyway... It's designed by one of the worst architects in NYC, Robert Scarano, who was forced to give up his self-certification privileges and had a law named after him "The Scarano Law."

It's an ugly glass thing that has glass on 2 sides but i guess a stucco on two others that just look horrible, plus these beams that stick out everywhere with no purpose at all, and once the building gets built next to it on Purves Street, those beams will be obstructed by whatever facade the new building will have, on the other side is a huge wall of lot line windows, that will be fun once someone builds on that side...

The Interior Crap is done by Andres Escobar, whoever that is, and is full of Zebra Wood, Leather & Metallic Tiles, can someone say FAD. I watched this building go up as my favorite coffee shop Sage used to be across the street and i am extremely disappointed. Plus those people who are paying millions for an apartment with a view are gonna be upset when they find out there view won't last thanks to 10 Court Square which will be built directly in front of it...

The Vere is at 26-26 Jackson Avenue, in Long Island City, near Court Square. www.vere26.com

here are some pics...

Thanks"

Trice