The residential project planned for the site of the East River Tennis Center at 44-02 Vernon Boulevard in New York City has been pretty firmly filed under "arrested development" for a while now. But The Real Deal reports that the freeze may be thawing. Loan-holder Durst Fetner Residential is on the verge of selling the project's note to the property's owner, who plans to get construction going. On the menu are 910 units distributed among two 28-story buildings and four eight-story ones. And on a scale of now to never, how should we rate the likelihood of construction actually happening? Turns out the developer has enough financing to start construction on 561 units (one big tower, one small) this year. Is the LIC waterfront?which has no shortage of housing under development (hello, Queens West)?hot enough to handle yet another project?
· LIC owner may buy $33M note held by Durst [Real Deal]