There have been only eight closings in the 448-unit residential condominium component of Sky View Parc, a 3.3-million-square-foot mixed-use complex at College Point Boulevard and Roosevelt Avenue in Flushing, Queens, according to an article today by Leigh Remizowski in the New York Daily News.
About 75 percent of the project's retail space has been leased to "big-name retailers such as Target, Old Navy and Marshalls" but, the article said, "there have been only eight closings at the developments three residential towers, and sales have not increased since spring,"
"Despite stagnant sales," the article continued, "developers insist the project remains on track. 'We're seeing tremendous interest,' aid Michael Dana, president of Onex Real Estate Partners, which co-owns the project with Muss Development. The focus will soon shift from store openings to marketing the development's 448 luxury units when Related Cos., a Manhattan-based real estate firm, relaunches sales December 1."
Onex, which is based in Toronto, brought in Related as a "consultant," according to a March 23, 2010 article by Steve Cuozzo in The New York Post. That article said that Onex had restructured its partnership with Muss.
"Sky View Parc sits on a 14-acre site long owned by the Muss family along College Point Boulevard. It is said to be the largest mixed-use project under construction in the city, with 3.3 million square feet. Six towers with 1,100 luxury condo apartments are to rise above an 800,000 square-foot shopping center with a park on the roof," the article said.
An article by Josh Barbanel in today's edition of The Wall Street Journal said that a lawsuit filed in federal court in Brooklyn yesterday on behalf of 67 would-be buyers of 41 condominium apartments in the project sought the return of the their deposits because they were unable to obtain loans after the collapse of the mortgage market and were unable to close. The lawsuit said that the developers had failed to file a disclosure statement that is required in large developments under a 1968federal law intended to protect buyers from fraud in real-estate subdivision sales.
The complex, which has been designed by Perkins Eastman Architects, is planned to have 1,100 apartments in six towers and it is a few blocks from the Flushing commercial district.
"So far," the article continued, "Onex and Muss Development have obtained about 160 contracts, most signed soon after the project went on the market in 2008, before the New York real-estate market tumbled. Many buyers at Sky View Parc are from families of Chinese or Korean immigrants who already live in and around Flushing."
About 75 percent of the project's retail space has been leased to "big-name retailers such as Target, Old Navy and Marshalls" but, the article said, "there have been only eight closings at the developments three residential towers, and sales have not increased since spring,"
"Despite stagnant sales," the article continued, "developers insist the project remains on track. 'We're seeing tremendous interest,' aid Michael Dana, president of Onex Real Estate Partners, which co-owns the project with Muss Development. The focus will soon shift from store openings to marketing the development's 448 luxury units when Related Cos., a Manhattan-based real estate firm, relaunches sales December 1."
Onex, which is based in Toronto, brought in Related as a "consultant," according to a March 23, 2010 article by Steve Cuozzo in The New York Post. That article said that Onex had restructured its partnership with Muss.
"Sky View Parc sits on a 14-acre site long owned by the Muss family along College Point Boulevard. It is said to be the largest mixed-use project under construction in the city, with 3.3 million square feet. Six towers with 1,100 luxury condo apartments are to rise above an 800,000 square-foot shopping center with a park on the roof," the article said.
An article by Josh Barbanel in today's edition of The Wall Street Journal said that a lawsuit filed in federal court in Brooklyn yesterday on behalf of 67 would-be buyers of 41 condominium apartments in the project sought the return of the their deposits because they were unable to obtain loans after the collapse of the mortgage market and were unable to close. The lawsuit said that the developers had failed to file a disclosure statement that is required in large developments under a 1968federal law intended to protect buyers from fraud in real-estate subdivision sales.
The complex, which has been designed by Perkins Eastman Architects, is planned to have 1,100 apartments in six towers and it is a few blocks from the Flushing commercial district.
"So far," the article continued, "Onex and Muss Development have obtained about 160 contracts, most signed soon after the project went on the market in 2008, before the New York real-estate market tumbled. Many buyers at Sky View Parc are from families of Chinese or Korean immigrants who already live in and around Flushing."
Architecture Critic
Carter Horsley
Since 1997, Carter B. Horsley has been the editorial director of CityRealty. He began his journalistic career at The New York Times in 1961 where he spent 26 years as a reporter specializing in real estate & architectural news. In 1987, he became the architecture critic and real estate editor of The New York Post.
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