Muss Development, a joint-venture partner with Onex Real Estate Partners, is putting giant Sky View’s unbuilt, second residential phase up for sale.
Muss is expected to put out a formal offering this week via Massey Knakal for development rights to Sky View Parc’s second trio of condo towers. The three additional towers, totaling 650,000 square feet, are planned to rise atop the complex’s 800,000 square-foot Skyview Center retail base, which is nearly 100 percent leased to stores including Nordstrom Rack, Marshall’s, Target and Best Buy.
“We have been retained by Muss to sell development rights to Phase 2,” Massey Knakal principal Robert Knakal told us.
However, Muss’ move seemed to take its partner by surprise.
Onex Real Estate Partners CEO Michael S. Dana, in consultation with his lawyer, Fried Frank real estate Chairman Jonathan Mechanic, told us: “Phase 1 turned out to be a tremendous success. We’re 100 percent committed to Flushing and to the second phase. We believe it will be even more successful than Phase 1.”
Dana said due to confidentiality rules, he could not comment on Muss’ action. But, “Onex is committed to proceeding to build phase 2” and hoped to begin construction in November.
Whatever’s going on between the partners, the Muss move is the latest twist in the project’s long and complicated history.