Hey, remember this crazy place? Of course you do: it's the 14-acre, $1 billion mixed-use development with 1,100 luxury condominiums spread over six towers built on top of a mall, featuring amenities such as a putting green, tennis courts and a health club. In Flushing. When first we published this photogallery way back in spring 2008, we wrote, "Given the credit crunch, any analyst would probably tell you that launching a project such as Sky View Parc in today's climate is insane, but family-owned Forest Hills developer Muss Development is pushing ahead."
Construction on phase one of the project has been underway for awhile, with completion scheduled for this summer. But recently, one of the project's lenders has refused to write another check. That's leading Muss—described by Crain's as "not some highly leveraged upstart but one of the industry's strongest players"—to consider halting work on the project. The fate of the project may be clearer shortly, as the project's lenders are scheduled to pony up their next portions. Pray for rain, folks.
All-in, scary stuff for a project with seemingly good vitals: 70% of the retail space is leased, and roughly 30% of the 448 condos have purchase agreements in place. Of course, whether that really means anything these days is anyone's guess. As Crain's bluntly puts it, "In addition to the financing issues, there is no guarantee that condo purchasers will complete deals—much less that additional buyers can be found—in a deteriorating market."
Ah, Flushing. We almost knew ye.
· Lender's Strike Threatens Huge Queens Project [Crain's]
· Luxury Condos Come to Flushing, Find Buyers?! [Curbed]
· Sky View Parc [Official Site]