Foreclosed Flushing parcel includes 75 Manhattan co-ops for highest bidder

TRD NEW YORK /
Mar.March 15, 2012 09:30 AM

The 3.6-acre waterfront plot near Citi Field in Queens that was reported to be in default by The Real Deal  is guaranteed by 75 co-op units in Midtown Manhattan.

According to the New York Daily News, lender U.S. Bank is seeking the highest bid for the mortgage it provided to Abs Flushing Development for the site, at 39-08 Janet Place. The new owner will also take control of the co-ops at 310 East 55th Street.

“The land and the co-ops and personal guarantees are worth well more than $36 million,” said David Schechtman, the Eastern Consolidated executive managing director handling the mortgage sale. “A small city can be built there.”

Developers won’t have trouble getting community approval for a project on the developable land, across the Flushing Creek from Willets Point. Community activists want something built on the site that would further boost nearby downtown Flushing, although they’d prefer the waterfront to be left open to the public.

As The Real Deal noted, the site was initially slated for a gated residential community before Abs bought it in 2006. It defaulted on the loan in November. [NYDN]


Related Articles

arrow_forward_ios
David Schechtman, Bob Knakal, Peter Von der Ahe

Top I-sales brokers on what to do when there are no deals

60 Guilders, RCG Longview team up to buy UES dorm for $200M-plus

60 Guilders, RCG Longview team up to buy UES dorm for $200M-plus

One of DoBro’s newest apartment buildings is on the market for $100M

One of DoBro’s newest apartment buildings is on the market for $100M

Massive Willets Point development site hits the market

Massive Willets Point development site hits the market

WATCH: David Schechtman on retail’s demise, his lawyer days and Meridian’s gender divide

WATCH: David Schechtman on retail’s demise, his lawyer days and Meridian’s gender divide

(Credit from left: TRD, U.S. Air Force photo Capt. Bryan Bouchard)

The Mets are selling shares again following grim report on Citi Field revenues

NEW YORK, NY - JUNE 17:  A puddle fills a major intersection on June 17, 2013 in the Willet's Point neighborhood of the Queens borough of New York City. The Willet's Point Neighborhood, also known as the Iron Triangle, is situated directly next to Citi Field, where the Met's play baseball, and is known for both its car repair shops and lack of paved roads. The future of the neighborhood has been a contentious issue between residents and the city, as the city hopes to further develop the land despite protests from its residents.  (Photo by Andrew Burton/Getty Images)

New plans for Willets Point could cost taxpayers more

Two Willets Point industrial properties are now up for sale

Two Willets Point industrial properties are now up for sale

arrow_forward_ios
Loading...