Onex targets $283M sellout at final Sky View Parc condo tower

Offering plan pushes total resi sellout at Flushing development to $1B-plus

New York /
Jun.June 06, 2016 03:55 PM

Onex Real Estate Partners is seeking a $283 million sellout at the Grand Three condominium building at Sky View Parc – the sixth and final condo tower at the developer’s massive Flushing residential-and-retail complex.

The New York state Attorney General’s office approved Onex’s condo offering plan for the 280-unit Grand Three on May 3, meaning the building is now able to launch sales and is targeting an average unit price of just over $1 million.

The tower is the third and final condo building going up as part of the Grand, which represents the second phase of development at Sky View Parc. The $283 million offering brings the total sellout price for the 750-unit second phase to more than $733 million, and would see the total sellout for Sky View Parc’s six-building residential portion eclipse $1 billion.

A spokesperson for Onex, which led by president and CEO Michael Dana, confirmed the $283 million offering figure. Sales at the Grand Three will launch this summer, the spokesperson said.

The Grand’s 258-unit second tower, known as Grand Two, signed $85 million worth of contracts in one weekend after hitting the market last fall. The Grand One launched sales in February 2015.

Onex acquired former partner Muss Development’s stake in Sky View Parc’s second phase in 2014 and subsequently sold the development’s sprawling retail mall to Blackstone Group for $400 million last year.


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