Muss taking a back seat at Sky View Parc

TRD New York /
Mar.March 23, 2010 12:20 PM

Toronto-based private equity firm Onex has quietly taken the reins from Muss Development in their new 3.3. million-square-foot Sky View Parc complex in Flushing Queens, reportedly “calling the shots” while Muss takes a back seat in planning, according to the Post. Onex has been said to be anxious about slow sales in the buildings, prompting a recent move to bring in the Related Companies as a sales and leasing consultant for the six planned residential towers, set atop a three-story, 800,000-square-foot shopping center. The first apartments at the complex had originally been slated for occupancy last summer, but still none of the buildings are complete. While Muss has said 40 percent of the 448 apartments in the first three “Phase I” towers are sold, none have closed. Crain’s had reported last week that both Muss and Onex had approached Related about the deal, in which the developer would have no equity, but sources said Onex actually did so of its own accord. [Post]

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