From the Real Deal:
Developer Steve Cheung purchased a vacant site for $8.3 million where a bankrupt Brooklyn company sought to build a Starwood Aloft Hotel in Long Island City during the real estate boom.
Cheung, president of Elmhurst-based E Home Real Estate, closed this past Friday on the acquisition of the L-shaped parcel at 29-37 41st Avenue that has 205,032 square feet of development rights, he told The Real Deal. The price comes out to about $40.48 per square foot.
Cheung has been developing residential projects for about a decade in Queens, he said, in areas such as Flushing and Ridgewood, including the five-story mixed-use project at 311 Saint Nicholas Avenue in Ridgewood. He recently purchased 70-32 Queens Boulevard in Elmhurst for a future project.
"I think there is a big potential over there [in Long Island City]," he said. "In Flushing, it is hard to find any [development sites] to get in. But in LIC there is a lot of opportunity."
12 comments:
good luck...every condo built in this area in the last 6 years is empty.
9% unemployment and 16% underemployment will keep them empty ,until Obama and the liberal/democrats are gone .
An Inspa in LIC?
Oops. Sorry my mistake. It is Steve Cheung not Steve Chong.
And so the inv-Asian of LIC begins.
With the economy still faltering, Flushing is (perhaps) no longer the best spot for Chinese investments these days....being too far away from the city's real action.
But LIC is much closer to the "Golden Isle" of Manhattan, making it the far better deal for investors.
LIC is blue chip stock and Flushing is junk bonds.
I think you're thinking of Steve Chon...no "G".
"Massagee, massagee, massagee....
happy ending extra....extra pay"!
Chinese are not fools: why pour money into Flushing when they can put it into LIC - just across the East River.
Flushing is a 3rd world slum - LIC is still fresh looking - slum conditions there are still 30 or so years off when the current buildings will start to show their age due to poor construction and the severe wear and tear that hotel buildings experience.
When they were putting up the hotels we saw Chinese labor come out of the vans at the break of dawn, never lease the construction site, had their meals delivered, and then left when the vans came at sunset.
Contacted a certain elected official and they responded (in essance) that it was a non-issue.
until Obama and the liberal/democrats are gone .
huh? wha?
Both the Democats and Republicans want uncontrolled immigration - each for their own reasons - and the issue will not be stopped in the court of public opinion with the press and judges each having their reasons to go along.
These buildings have tiny livings spaces by traditional standards, and all ready are being purchased by speculators who are filling them up 5 per room.
Once the banks howl these places will be filled real quick.
311 Saint Nicholas in Ridgewood is the ugliest unmaintained condominium I've ever seen.
Where did that picture, the fence has not looked that good in years. what is mr. cheung's number so the decrepit fence can be fixed!
This area is getting very hot.
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