3 years in, just 45 units in Flushing’s Sky View Parc have closed

August 02, 2011 12:18PM

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Michael Dana of Onex and Sky View Parc

One month after deciding to settle a lawsuit and return 75 percent of down payments made by buyers who reneged on their contracts, the developers of the Sky View Parc complex in Flushing have been hit with another harrowing dose of reality: three years since launching sales in the three-tower, 448-unit complex, just 10 percent of the homes have sold, the New York Post reported.

Nevertheless, Onex, the New York- and Toronto-based private equity firm that took over the bulk of the management duties for the first phase of the planned $1 billion mixed-use complex from its partner Muss Organization last year, remains upbeat. It told the Post that another 107 units are under contract and could close within the next two months. Sales have picked up since the developers put the lawsuit behind them, said Michael Dana, president of Onex.

Moreover, the retail portion continues to be a major success, as Onex has leased more than three-quarters of the 800,000 square feet to retailers like Target, Best Buy and Marshalls.

Onex’s plans to develop the three additional towers that comprise Phase II remain unchanged. [Post, 2nd item]