It's been five years since construction got underway on the Karl Fischer/Andres Escobar condo development called The Crescent Club in Long Island City. The building is now 85% finished and ownership just changed hands to landlord and builder Simon Development Group, which plans on turning the 140-unit building into rentals after purchasing its $51 million defaulted note from Citibank. “It was built as a condo, so we are offering a rental with condo finishes," Jonathan Simon told The Real Deal. While finishes are certainly nice, will the Crescent still arrive in rental land at amenity-overdrive speed? Whither the rooftop pool, and the health center designed by Madonna babydaddy Carlos Leon? The Crescent Club web site is currently dark. Marketing Directors has been hired as the exclusive rental agent for the building. Rentals are set to begin this July.
· Midtown Firm Takes Title to Stalled $51M LIC Apartment Project [TRD]
· Crescent Club coverage [Curbed]