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Flushing Site Once Primed For Massive Development Could Fetch $120M

Current owners paid $26M for the property in 2006

A dormant 3.7-acre development site in Flushing, Queens may get a new lease of life as the owners are now trying to sell off the land, which has had extensive plans for development in the past, The Real Deal reports.

ABS Management & Development, and Babad Management are attempting to sell their property at 39-08 Janet Place, which also goes by 131-35 Roosevelt Avenue, and has the potential for 870,000 square feet of development.

Local brokers told TRD that the land could fetch as much as $120 million. The property is located less than a mile away from CitiField and is close to the Sky View Parc development.

However it's had quite the troubled past, so it remains to be seen if a developer will be willing to make a gamble on this site. The current owners purchased it in 2006 for $26 million. LEV Development Group, on behalf of the owners, had then planned a five-tower mixed use project there, which was known as River Park Place. There were plans for 450 apartments along with retail and a hotel as well.

However the financial crisis in 2008 put an end to those plans. In subsequent years the property has been embroiled in legal turmoil with controversial developer Shaya Boymelgreen. There was a legal back and forth between the owners and Boymelgreen for failing to finalize a sale.

The property is now being marketed by CBRE, who is also presenting some of the original designs for the project, that were approved by the city, along with the sale.