Despite lending woes, construction at SkyView Parc has not ceased and residential and commercial space at the megaproject are steadily moving forward, Muss Development said Friday.
The Forest Hills−based developer said it remains on pace to open the first of its four residential towers and a sprawling retail complex by this fall, adding that six residential units have sold since December.
“Sky View Parc is a dynamic development for Flushing, Queens and New York City,” said Muss Development Principal Jason Muss. “It has been successful by every measure. Construction on the project continues and currently is on track for the first residential building and stores to open in the fall.”
The progress is good news for Muss after it was revealed last month that problems had arisen with one of its principal lenders.
Arbor Realty Trust, which agreed to loan Muss approximately $75 million for construction of the project, had not paid advances on its loan for November and December, leaving Muss to put up nearly $4 million itself, sources said.
Muss would not comment on whether the lending situation had been resolved.
“The important thing is that construction never stopped and is continuing on schedule and units are still selling,” spokesman Richard Mulieri said.
Sky View Parc, located along College Point Boulevard north of Roosevelt Avenue, is currently the largest project under construction in Flushing and if completed would include 448 luxury apartments built atop a sprawling retail complex. Any stall in construction could delay the move−in dates for more than 130 potential tenants and dozens of retailers, including The Home Depot, Marshalls and Bed Bath & Beyond, each of which were expecting to be settled into the complex within the next six to eight months.
Muss Development is a Forest Hills−based, family−owned development firm founded in 1906. The firm is one of the largest in the city and has led the construction of thousands of housing units and developments in the five boroughs during the last century.
Reach reporter Stephen Stirling by e−mail at email@example.com or by phone at 718−229−0300, Ext. 138.
©2009 Community News Group
By submitting this comment, you agree to the following terms:
You agree that you, and not TimesLedger.com or its affiliates, are fully responsible for the content that you post. You agree not to post any abusive, obscene, vulgar, slanderous, hateful, threatening or sexually-oriented material or any material that may violate applicable law; doing so may lead to the removal of your post and to your being permanently banned from posting to the site. You grant to TimesLedger.com the royalty-free, irrevocable, perpetual and fully sublicensable license to use, reproduce, modify, adapt, publish, translate, create derivative works from, distribute, perform and display such content in whole or in part world-wide and to incorporate it in other works in any form, media or technology now known or later developed.