The threat of foreclosure has been hanging over Tower 56, a Robert Scarano-designed project planned for 45-46 Pearson Street in Long Island City, for nearly four years. And now, at long last, the development's foreclosure auction date is approaching. It will hit the block June 1, according to The Real Deal, with a lien of $20.23 million. The lender, L+M Development, said last fall that it had a 180-unit rental project in mind for the site, so there isn't a ton of suspense where the auction's outcome is concerned. And it'll be nice to see some action on such a thoroughly stalled site. Still, let's have a moment of silence for the Scarano design, which called for a 20-story building with 120 units. If anyone is so moved, click the image at right to expand it to full screen.
· LIC development site to be auctioned [The Real Deal]
· Tower 56 coverage [Curbed]