The Real Deal New York

SkyView Parc nears long-awaited sellout

Flushing project suffered following the 2008 financial crisis but has since rebounded
October 12, 2017 10:50AM

Grand at Sky View Parc will add 750 units

Grand at Sky View Parc will add 750 units

After a decade of starts and stops, Flushing’s most prominent megaproject is finally nearing a sellout.

SkyView Parc, a residential and retail complex, first put its apartments on the market 10 years ago and has now almost reached a sellout, according to the Wall Street Journal.

The project, which includes about 1,200 apartments, a six-acre private park and an 800,000-square-foot shopping center, initially sold well but suffered in the wake of the 2008 financial crisis. Onex Real Estate Partners then relaunched sales in 2011, and the first three buildings sold out in 2013. The last three buildings have sold quickly since they hit the market at the beginning of 2015, the Journal reported.

Modern Spaces president Eric Benaim told the Journal that 600 of the 743 condos in the last three buildings –81 percent — sold at increasing prices in 30 months, and the remaining units will likely sell by year’s end.

“We are bringing up the market in general,” he said. [WSJ]Eddie Small