It looks like there will be one less Robert Scarano tower in Long Island City to kick around. A development known as Tower 56, which isn't far from another Scarano-designed project called the Vere, is in bankruptcy. The 20-story building with 120 units was reported in bankruptcy by the Real Deal. It was being developed by Rosma Development south of Court Square in LIC. The first plans for the... [more]
It looks like there will be one less Robert Scarano tower in Long Island City to kick around. A development known as Tower 56, which isn't far from another Scarano-designed project called the Vere, is in bankruptcy. The 20-story building with 120 units was reported in bankruptcy by the Real Deal. It was being developed by Rosma Development south of Court Square in LIC. The first plans for the 321-foot foot tall tower, an early rendering of which appears here (click to expand), were filed in 2005 and building permits were issued in June, but no work has taken place. The Scarano tower would have risen near the Sunnyside rail yards. It's unclear whether the Scarano is in real trouble with lenders or whether the developers are just facing a temporary cash flow glitch.
· Scarano project in LIC facing foreclosure [TRD]
Well so much for progress. How will this affect the devlopment plans for LIC?
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Response by dco
almost 18 years ago
Posts: 1319
Member since: Mar 2008
This is his other project. Now lets see how many people are willing to gamble on this project.
DCO - this place started in 2005 and has been in trouble ever sense.
I don't recall there being major problems with credit and the housing market in 2005 but you may know somehting that the rest of us don't.
Again, I am not arguing the current state of the market with you but this project is not an example of the current times - it never even got off the ground - in fact, it's still an empty lot.
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Response by dco
almost 18 years ago
Posts: 1319
Member since: Mar 2008
lobo- It's not just that location. The developer has another project in the making. This raises the question, as to the financial stability, of his other project. Would you be buying a unit, from this developer, knowing that one of his projects, located just blocks away went bankrupt.
How about this for starters. Is it possible, that he got financing for one project, and used it to finance another. Point being, way to much smoke. If you buy at the Vere, you are going to take a very expensive gamble. How comfortable would you feel that the developer you are in contract with went bankrupt on another project. Do you think that it's possible he might start to cut corners on other projects? I can think of a half a dozen potential problems.
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Response by lobo
almost 18 years ago
Posts: 264
Member since: Feb 2008
Same architect, not same developer.
Fortunately the architect only designs the building.
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Response by lobo
almost 18 years ago
Posts: 264
Member since: Feb 2008
The Verve looks like it will be a great building by a different developer. You know that I am not big on that specific part of LIC (I would put my money on the waterfront) but I think that the Verve will be a quality building.
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Response by LICComment
almost 18 years ago
Posts: 3610
Member since: Dec 2007
Ha!, dco I guess everyone should listen to the advice of a person who doesn't know the difference between a developer and an architect, and who doesn't know how mortgage contingencies work!
Also, I agree with lobo, the Vere actually does look like a nice building. Andres Escobar is doing the interior design. I think it will sell pretty well.
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Response by stevejhx
almost 18 years ago
Posts: 12656
Member since: Feb 2008
"Andres Escobar is doing the interior design."
Well there's a reason to buy! Probably has marble countertops, as well, right?
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Response by dco
almost 18 years ago
Posts: 1319
Member since: Mar 2008
LICComment- I fully understand the difference between the two, I also know that they are sometime very well connected as to financing projects. Both parties have a reputation to protect.
lobo- I have no idea, if it was, or wasn't connected to the credit crisis. Again, not the point. It's becoming obvious, that many people just can't accept the fact that NYC RE is on the verge of a major correction.
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Response by dco
almost 18 years ago
Posts: 1319
Member since: Mar 2008
LICComment- "Andres Escobar is doing the interior design. I think it will sell pretty well".
I'm sold.
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Response by lobo
almost 18 years ago
Posts: 264
Member since: Feb 2008
Hey DCO. I have never argued that the current market is less than desirable. We may argue the extent of the correction but it is clear that we have differnt point of view on the extremity of it ... so no point in agruing that here.
My only issue, as I have pointed out before, is that you consistently look to LIC for examples of how it is going to crash in support of your overall views of the state of the market. Using the ocassional example is fine but it has always appeared to me that you are digging to find problems with LIC as opposed to making fair and balanced posts ab the overall state of the market.
I realize that in part it has to do with the little feud goin on between you and LICcomment but realize that there are people beyond LICcomment that like LIC and ahve a balanced view on the subject - those people don't appreciate your ongoing mission to single handledly bring down LIC any more than LICcomment.
Anyhow, that's my only point. 2 buildingon the upper east side just went bankrupt as a direct result of the credit crisis. That, in my opinion, is a more concrete example than a troubled project in LIC that started in 2005 and never even got off the ground.
This is his other project. Now lets see how many people are willing to gamble on this project.
http://www.streeteasy.com/nyc/building/26_26-jackson-avenue-long_island_city
DCO - this place started in 2005 and has been in trouble ever sense.
I don't recall there being major problems with credit and the housing market in 2005 but you may know somehting that the rest of us don't.
Again, I am not arguing the current state of the market with you but this project is not an example of the current times - it never even got off the ground - in fact, it's still an empty lot.
lobo- It's not just that location. The developer has another project in the making. This raises the question, as to the financial stability, of his other project. Would you be buying a unit, from this developer, knowing that one of his projects, located just blocks away went bankrupt.
How about this for starters. Is it possible, that he got financing for one project, and used it to finance another. Point being, way to much smoke. If you buy at the Vere, you are going to take a very expensive gamble. How comfortable would you feel that the developer you are in contract with went bankrupt on another project. Do you think that it's possible he might start to cut corners on other projects? I can think of a half a dozen potential problems.
Same architect, not same developer.
Fortunately the architect only designs the building.
The Verve looks like it will be a great building by a different developer. You know that I am not big on that specific part of LIC (I would put my money on the waterfront) but I think that the Verve will be a quality building.
Ha!, dco I guess everyone should listen to the advice of a person who doesn't know the difference between a developer and an architect, and who doesn't know how mortgage contingencies work!
Also, I agree with lobo, the Vere actually does look like a nice building. Andres Escobar is doing the interior design. I think it will sell pretty well.
"Andres Escobar is doing the interior design."
Well there's a reason to buy! Probably has marble countertops, as well, right?
LICComment- I fully understand the difference between the two, I also know that they are sometime very well connected as to financing projects. Both parties have a reputation to protect.
lobo- I have no idea, if it was, or wasn't connected to the credit crisis. Again, not the point. It's becoming obvious, that many people just can't accept the fact that NYC RE is on the verge of a major correction.
LICComment- "Andres Escobar is doing the interior design. I think it will sell pretty well".
I'm sold.
Hey DCO. I have never argued that the current market is less than desirable. We may argue the extent of the correction but it is clear that we have differnt point of view on the extremity of it ... so no point in agruing that here.
My only issue, as I have pointed out before, is that you consistently look to LIC for examples of how it is going to crash in support of your overall views of the state of the market. Using the ocassional example is fine but it has always appeared to me that you are digging to find problems with LIC as opposed to making fair and balanced posts ab the overall state of the market.
I realize that in part it has to do with the little feud goin on between you and LICcomment but realize that there are people beyond LICcomment that like LIC and ahve a balanced view on the subject - those people don't appreciate your ongoing mission to single handledly bring down LIC any more than LICcomment.
Anyhow, that's my only point. 2 buildingon the upper east side just went bankrupt as a direct result of the credit crisis. That, in my opinion, is a more concrete example than a troubled project in LIC that started in 2005 and never even got off the ground.