Muss Development said last week it has not felt the effects of a wilting economy at its Skyview Parc development in Flushing yet but is prepared to temporarily scale back the project if conditions worsen.
Jason Muss, a principal at the development firm, said sales of luxury condominiums have been steady since being placed on the market earlier this year and about a quarter of the 448 luxury apartments scheduled to be built have sold already.
Under constructed on land Muss purchased in 1983, Skyview Parc will consist of six residential towers comprised of 1,100 housing units all built atop a large retail shopping center. The project is being built in two phases with the first, consisting of 448 condos and the retail center, expected to be occupied by the end of 2009.
Muss and Skyview Parc sales manager Toby Levin said traffic to their sales center has remained consistent despite the national economic downturn, but both maintained they are prepared should the pace slow down.
“People are a little bit frozen right now, but it doesn’t mean they don’t need a place to live,” Levin said.
Muss said the firm can alter its approach to proceeding with the second phase of the project, which includes the final three residential towers, if it is confronted with a drop−off in sales.
“We have the luxury of being able to build that when the time is right,” Muss said.
Muss said Skyview Parc has an advantage over other developments because the development group purchased the land more than 25 years ago, while other developers are forced to pay millions for their land before they even begin construction.
“We never got caught up in the pricing frenzy that has enveloped other projects,” Muss said. “We’ve found that people who come here are shocked by how inexpensive our units are. At this point, we’ve sold more units than any other project on the East Coast this year.”
Condos in Skyview Parc, which is located on the west side of College Point Boulevard near Roosevelt Avenue, range from $400,000 to more than $2 million.
Muss said the first of three residential towers, which comprise the first phase of the project, currently under construction will be ready for occupancy by this summer and is nearly completely sold out. Muss is also expected to open its sprawling retail complex, which will feature big name retailers like Home Depot, Marshalls, Target and Bed Bath & Beyond, at around the same time.
Two other residential towers, which have only recently been opened to sales, are expected to be completed by the end of 2009.
The retail complex will also feature a 2,500−space parking garage, designed to serve the needs of both shoppers and the residents of Skyview Parc.
Muss Development is a 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.
For more information on Skyview Parc, visit www.SkyViewParc.com.
Reach reporter Stephen Stirling by e−mail at Sstirling@
©2008 Community News Group
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