160,000-sf Flushing site may face foreclosure

New York /
Mar.March 07, 2012 06:00 PM

[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.


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