LIC development site to be auctioned, L+M likely to take control

New York /
May.May 07, 2012 03:00 PM

A 15,000-square-foot development site at 45-46 Pearson Street in Long Island City, once the prospective home of a 20-story Robert Scarano-designed condominium, is set to hit the foreclosure auction block, according to data from PropertyShark.com.

The property, two blocks from the Scarano-designed Vere at 26-26 Jackson Avenue, is owned by investors Mark Junger and Moses Rosner and has an outstanding lien of $20.23 million, public records show. It will go up for auction June 1.

As The Real Deal previously reported, a 20-story, 120-unit condo named Tower 56 was slated for the site. Plans for the 321-foot tall building were first submitted in 2005, and a permit was issued to Junger and Rosner in 2008. The owners however, later defaulted on a mortgage secured in 2005 from Intervest Bancshares, which is headquartered at Rockefeller Center.

Development and construction giant L+M Development Partners purchased the non-performing debt on the property in April 2011, records show. The purchase price was not immediately clear. While Lisa Gomez, executive vice president of development at L+M, said the plans were as yet uncertain, Ron Moelis, CEO of L+M, told The Real Deal in October that he was planning a 180-unit 80-20 rental project at the Pearson Street site.

The company has been having some success with recent development projects. L+M’s 75-unit condo redevelopment of a circa-1905 elementary school at 220 West 148th Street in Harlem, sold out in January, and the company will soon start construction on a two-building project with 100 affordable rental units and 85 market-rate Condos On 116th Street between Malcolm X Boulevard and Fifth Avenue.

Neither Scarano nor Rosner was immediately available for comment. The auction will take place at The Supreme Court at 88-71 Sutphin Boulevard in Jamaica, Queens.


Related Articles

arrow_forward_ios
L+M’s Ron Moelis and 100 Claremont Avenue (Claremont Hall, Ron Moelis, Getty)
TRD Pro: NYC’s biggest condo filings in Q2
TRD Pro: NYC’s biggest condo filings in Q2
From left: Vorea Group’s Peter Papamichael, Turnbridge Equities’ Andrew Joblon and Chetrit Group’s Joseph Chetrit
Ranking New York’s most active developers
Ranking New York’s most active developers
Nelson Management’s Robert Nelson with the Promenade Nelson Apartments and Lafayette Boynton Apartments (Nelson Management)
Nelson Management eyes $200M for Bronx apartments
Nelson Management eyes $200M for Bronx apartments
L+M's Ron Moelis with Knickerbocker Village, Lawsuit
Tenants’ civil war threatens L+M plan to buy 1,590 apartments
Tenants’ civil war threatens L+M plan to buy 1,590 apartments
Taconic's Charles Bendit and Paul Pariser with rendering of One Essex Crossing (Taconic Partners, VMI Studio)
Essex Crossing developers land $466M refi
Essex Crossing developers land $466M refi
Empire State Realty Trust’s Tony Malkin and L+M’s Ron Moelis. Carbon molecules floating from an open book, against nyc skyline (iStock, Illustration by Kevin Cifuentes for The Real Deal)
NY unveils “playbook” for building owners to cut emissions
NY unveils “playbook” for building owners to cut emissions
Jonathan Cortell of L+M Development Partners in front of 250 Georgia King Village in Newark (L+M Development Partners, iStock/Photo Illustration by Steven Dilakian for The Real Deal)
Developers land financing for Newark affordable housing
Developers land financing for Newark affordable housing
Quantum-Si CEO John Stark and 115 Munson Street in New Haven CT (Google Maps, Quantum-Si)
Life sciences firm inks 65K sf lease at New Haven complex
Life sciences firm inks 65K sf lease at New Haven complex
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...