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Flushing's Sky View Parc is Delay Rich and Cash Poor

The situation seemed to be improving at Flushing's Sky View Parc, the upscale mixed-use project made up of luxury condos, a mall, a putting green, and tennis courts. The buildings, where the 448 apartments go up to more than $2 million, were partially sold, and there was a rumor that closings were starting. But when the Post's Steve Cuozzo devotes an entire column to one project, it's not usually about how well that project is doing. And so it is with Sky View Parc. The development is now "scrambling" to borrow $150 million just to finish the project's first phase, which is apparently already $160,802,000 over its budget. Construction is also far behind schedule?the first phase was supposed to open a year ago?and only five apartments have closed. All the financing and developer drama going on is starting to feel like a soap opera we haven't been following, but we are pretty sure those prices (now averaging $636/square foot) won't come down any time soon.
· Flushing's Sky View Parc complex shopping for $150M in financing [NYP]
· Sky View Parc coverage [Curbed]

Sky View Parc

2822 College Point Blvd., New York, NY 11354