Toby Klein of Muss Development in front of a model of Sky View Parc, a massive mixed-use development in Flushing.

From the January issue: In the incredibly dense neighborhood of Flushing in northeast Queens, a new crop of luxury condos has quietly sprouted.
Unlike other parts of the city, where developments conceived during
the boom have been converted to rentals, these new condos remain sales
developments. And they seem to be holding up better than other parts of
the borough, thanks, in part, to demand from a vibrant local Asian
community and recession-friendly prices. Although upscale condos still remain a fraction of Flushing’s
housing stock, new developments such as Sky View Parc, Residence 8, and
the Sequoia are slowly starting to reshape the neighborhood, the last
stop on the number 7 subway line.

Muss Development has converted its luxury condominium project in East Harlem called 119th and Third to a rental, with discounts for Hunter College students and faculty. In mid-May, after slow sales, Muss converted all 90 units to rentals, starting at $1,875 per month. Since then, 15 units have been rented, while another six are in the process of being leased, according to Richard Mulieri of the Marino Organization, spokesperson for Muss. Deposits were returned to those who had purchased units when the building was still a condo, but Mulieri would not say how many buyers there were. The building, located at 2182 Third Avenue, is just across the street from Hunter College’s planned School of Social Work, on Third Avenue, between 118th and 119th streets. Hunter purchased that site for $23.5 million last year, and expects to complete the 142,000-square-foot facility by June 2011. [more]