The Real Deal New York

160,000-sf Flushing site may face foreclosure

March 07, 2012 06:00PM
By Katherine Clarke

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The 160,000-square-foot site in Flushing

[Updated at 9:15 p.m.] A 160,000-square-foot development site in Flushing once slated to become the area’s first gated mixed-use community could soon be the property of the bank, according to data from PropertyShark.com.

Lender, Ohio-based U.S. Bank National Association has filed a lis pendens, marking the first step in the foreclosure process, against the developer of the 3.73-acre plot at 39-08 Janet Place in Queens, claiming it owes the bank $36 million in financing it provided to the project’s owner Abs Flushing Development in 2009.

Abs purchased the site from the Vintage Organization in 2006, which was planning to develop a mixed-use gated community along the Flushing River at Roosevelt Avenue, according to new reports. It was slated to include residential towers with 400 condominium units and two low-rise commercial buildings. It paid $26 million for the property, according to public records.

It was not immediately clear if Abs had intended to reinvigorate Vintage’s original places.

The land is zoned C4-2, according to data from PropertyShark.com, which allows for roughly 393,000 buildable square feet of residential space or 552,000 square feet of commercial space.

Abs was not immediately available to comment. The bank was closed at press time.

David Schechtman, an executive managing director at Eastern Consolidated, is marketing the note on behalf of the bank.

  • Danny1234

    I second the optimism regarding the attractiveness of acquiring this note.
    This article is not that precise… a lot of info is missing here… I happen to have intimate knowledge of this specific deal as I was working on it a long time ago.. Only when you spend a lot of time on a deal trying to get it done you find out all kind of problems you didn’t know about before..
    Very messy deal.. the site has some environmental issues that are not mentioned anywhere here, besides that – the site is sitting on the canal where the city has “promised” to environmentally clean it up for years but is simply just not at the top priority for them so has neglected it for years.. that is why a few different groups have constantly one after another dropped this site – not a sexy development at all !
    Better deals with less issues are available at better locations so I’m guessing that this could also be the reason why this site could not have found a buyer till now..
    Anyone that know the deed holder knows that he happens to be a very sophisticated well known real estate player that owns thousands on units in key locations in the city so probably not a company you want to fight in litigation with ….

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