The mortgage crisis hit Queens hard, but the purchase of one foreclosed luxury condominium building in Flushing demonstrates a promising way forward for properties that were left behind when the real estate bubble burst.
Last week, DelShah Capital announced that it had purchased 17 remaining residential condos and seven ground-floor commercial condos at the 32-unit Sunrise Terrace Condominiums building, at 31-32 Union St. The first 15 residences were sold to private buyers in recent years.
“Sunrise Terrace is a beautiful building with each residential condo having an outdoor space,” DelShah principal and CEO Michael Shah said via e-mail. “DelShah Capital has set it right financially and Distinct New York has completed the details making the luxury residential and commercial condominiums great values, in a great location.”
The five-floor building, at the intersection of Union and 31st Drive, was built in 2007, but was subsequently foreclosed on, and DelShah bought its senior mortgage in 2009 amid the throes of the recession. It proceeded through a complex litigation against five junior creditors and its previous owner, then took possession and repositioned it, DelShah said last week.
Flushing resident Sam, who said he lives near the building on Union Street but declined to give his last name, said he hopes the sale has a positive impact on the neighborhood.
“I didn’t know about that,” he said in reference to the purchase. “I think it’s a good thing. I hope people buy them; it’s good for the economy.”
The 17 remaining luxury residences range in size from 1,000 to 1,400 square feet plus outdoor space, and range in price from $439,000 to $652,500. The commercial condos range in size from 650 to 2,400 square feet and range in price from $229,000 to $899,000.
Marketing and sales at the property are being handled by DelShah affiliate Distinct New York and Prudential Douglas Elliman. The building features a marble-floored lobby, and its units come with wood floors, washers and driers and modern kitchen and bathroom fixtures.
Reach reporter Connor Adams Sheets by e-mail at csheets@cn
©2011 Community News Group
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