Sky View Parc

From Curbed:
FLUSHING%u2014Sky View Parc is back on track in a big way, a tipster whispers: "I hear the first closings of apts at Sky View Parc are starting today...this thing is built on the flushing river and the apts are selling for about $650 per square foot...so the sales office says. I heard they have sold several 2 bedroom apts for around 1 million and 3 bedrooms for up to 1.3 million... what? The apts are built on top of a new Target, Best Buy, Bob's Furniture and Marshalls and they call it luxury...wow...I hear Related recently swooped in and has taken over sales. Guess this is the new Time Warner Center for Queens." Words we'd never thought we'd hear. The project's website says prices top out over $2 million. [CurbedWire Inbox]

does anyone have any news on skyview? its getting sued up the wazoo...

whats the latest with this development?? any concessions??

no news even after the times write up?? i havent had a chance to get out there yet

Looks like there is some activity.

There are more people moving in and the stores are busy on the weekends

Visited Tower dozen layouts in both Tower 1 & 3.

Pros:
1. Quality finishes
2. Generous sq ft
3. Efficient layout
4. Friendly sales staff willing to take the time to show as many units as you want. And honest too (most will admit that current prices are on the higher end of what the market can bear)
5. Somewhat OK location.

Cons:
1.~650$ per sq ft still very pricey for Flushing standards. Low to mid 500's is more realistic IMO.
2. Current units with views of Manhattan will be blocked by the new Towers going up.
3. Maint. cost on Tower 3 is 40 - 45% higher than Tower 1 & 2 due to the lesser # of units in Tower 3. But all residents enjoy the same amenities. Hence, I say it's not worth it to pay extra Maint. premium in Tower 3.
4. Demographics is and will likely remain predominantly Chinese/Koreans. (Con if you're looking for diversity. Pro if you're Chinese/Korean looking to live close to your own people)
5. The current promotional offers are on less desirable units. e.g the popular J and K lines are still advertised at full sticker price.
6. No deeded parking. Monthly rentals ONLY. (and valet as advertised does not exist yet)
7. Must walk outside to get to your building. No indoor passageway from parking to your building.

Conclusion:
Developers' expectations is still mis-aligned with market realities. Drive by at night and see how many units are lit up. It's evident that sales are lagging but developer un-willing to adjust price to supply/demand equilibrium. Location is ok... you still have a decent 10-min walk to subway station. On a bright note, the quality of construction and finishes are on the higher end. And Tower 1 & 2's low maintenance fee is much more attractive to non-cash buyers trying to keep the monthly payments as low as possible.

Will likely make an offer in the low $500/sq ft if prices ever drop to high $500/sq ft. But I think it will take some time before the developer realize that this country is in recession and it's been nearly a year since we officially hit double-dip in housing.

I have visited this development a couple times and am really pleased with what I saw. (my sister-in-law happily recommended us to buy here.)

I acutally have similar and also some different opinions from my own experiences and understanding! :-)

first of all, I definitely agree with you that their sales staff is professional, friendly, and very patient. (it took us 5 hours back and forth in viewing different options and deciding on the one we are buying.)

1) Its location: it is only 2 small blocks to the subway and LIRR station. It doesn't take 10 mins, I commute to Manhattan - less than 20 minutes on the LIRR...(BTW, we also learned that Hyatt Hotel will open a block away, which is a big plus as it also confirms Flushing market is fast growing.)
2) Convenient shopping downstairs! literally i can get everything we need from downstairs which is well designed, clean, and secure. They have a Bed Bath & Beyond even.
3) The roof garden is amazing. Never seen anything like that when we were still shopping around. It is quiet and peaceful with so much greenery. (it is 50 feet above the ground. nice breeze and great views too!)
4) Its pricing: there is nothing else like Sky View Parc on the market, even outside Flushing. Construction is of a much higher quality and the amenities are amazing, esp the tennis courts. If you compare the whole package, I think price is actually very reasonable, esp on a per square feet basis I don't think you can compare to the other projects in the area which are built by who knows what some fly-by-night developer. My wife and I researched a lot before we went ahead. (we both are in finance field and my relatives are builders themselves.)
5) So we are buying a unit in Tower 3 facing the garden. The views is diverse. you can see the roof garden including mini golf putting green, dog run, tennis/basketball courts, views of Manhattan and Flushing. So even if their 2nd phase is built, it is not going to completely block the Manhattan views as how the towers are positioned.

BTW, it seems that they are selling! The sales office appeared really busy and we went back several times to re-look at units. (as a matter of fact, I lost out on a unit I was initially interested in...but I'm fine with my selection at the end. =) they do have a lot of different layouts so definitely do your research.

p.s. tower 2 is not on the market yet so maybe that's why when you drive by the highway, it seems dark but the other two towers, I saw people constantly walking in and out the main lobby.

FYI - price/sq ft is dropping to mid 500's based on closings within the last few weeks. I'm still confident this market will push the prices down to low 500's per sq ft.

I figured that I would walk around and take a look at the shopping center at Sky View Center since I saw this thread and was in Flushing for dinner and shopping anyways.

The mall in the bottom has a decent food court and several anchor tenants, but has tons of vacancies where it hasn't been able to fill out with smaller stores. The mall is 6 stories tall and only has 16 stores listed in the directory.

I am surprised that the lists of cons above didn't mention the block of housing projects separating Sky View Parc from downtown Flushing. The location doesn't have the vibrant K-Town/Chinatown feel that the nicer parts of Flushing have on Main St., Union Street or Kissena Ave. For my money, the location of Flushing Commons will be better if that is every built. However, I am not sure that will ever get off the ground and is probably also aiming too high for the Flushing housing market.

While admittedly, my impression doesn't count for much because I didn't see any of the apartments, I would find it hard to think about paying the advertised prices simply given the location - although I will admit that this building is out of my price range. At Flushing prices this would sell out quickly, but Flushing prices are $300k for a coop 2-bedroom while they are asking $700-800k for a condo 2-br with 15-yr abatement. I know it is condo vs. coop, but their condo fees are as high as most coop maintenance fees given Sky View's higher level of amenities.

I see what they are going for but I don't know if their target market exists in Flushing. I know that if I could afford this building, I would also be shopping near the Manhattan K-Town. I would expect wealthy people who want to live near Chinese businesses would likewise move to Manhattan Chinatown with this kind of money.

WoodsidePaul, I recommend that you go take a look at the condos because I think you be extremely surprise. My wife and I dismissed it for quite some time for many of the same reasons you've mentioned. I had my heart set in LIC, particularly the View. Wel long story short, we went in expecting nothing and I'm closing tomorrow on a 2-bed in Sky View. The construction is comparable and I prefer the community area within the complex (not the mall or outside).

Yes I'm spending almost as much for a 2-bed as the View, granted at Sky View my 2-bed is almost 1500sq/ft vs 1100. And my view isn't as great. I couldn't be happier.

SPC, its unlikely it will go lower. They are almost at 50%, which means they may get GSE/Fannie/Feddie qualifications. The currently pool of buyers are almost all cash --there's a lot of retirees in this building. I, am one of the few exception who had to borrow from a bank --one out of the few who works with this sponsor.

Anyways, if you want to buy now, go look. That's all I have to say.

I purchased two bedrooms in SVP and moved in last year. My opinions are:
1. If you like and interested in Asian Culture. Yes, here you go!
2. If you like to shop and hate to drive. Yes, here you go!
3. If you like tennis, basketball, golf, swimming, spa, gym... Yes, here you go!
4. If you like to eat and night snack, this area has many restaurant open 24 hrs. Yes, here you go!
5. If you are waiting for the Mainland China rich people to join in, let them pay all cash and make the house value increase. Yes, here you go!
6. If you are waiting for Hyatt hotel, flushing commons, willets point redevelopment projects to be success here. Yes, here you go!
7. If you want a very good in-house service in the building, yes. here you go!
8. If you worry about the planes noises in the sky, but already visited svp and found out they used STC sound proof walls and windows. here you go!
9. If you want to invest and make money, here you go!
hmmmm...... too many hypotheses. Ask yourself now!

I love SVP in my opinion!

I purchased two bedrooms in SVP and moved in last year. My opinions are:
1. If you like and interested in Asian Culture. Yes, here you go!
2. If you like to shop and hate to drive. Yes, here you go!
3. If you like tennis, basketball, golf, swimming, spa, gym... Yes, here you go!
4. If you like to eat and night snack, this area has many restaurant open 24 hrs. Yes, here you go!
5. If you are waiting for the Mainland China rich people to join in, let them pay all cash and make the house value increase. Yes, here you go!
6. If you are waiting for Hyatt hotel, flushing commons, willets point redevelopment projects to be success here. Yes, here you go!
7. If you want a very good in-house service in the building, yes. here you go!
8. If you worry about the planes noises in the sky, but already visited svp and found out they used STC sound proof walls and windows. here you go!
9. If you want to invest and make money, here you go!
hmmmm...... too many hypotheses. Ask yourself now!

I love SVP in my opinion!

ksze01 -

I'm interested in your thoughts on your last point? What about SVP makes it a good investment where you can make money now? Are you talking long term once Flushing Commons and the WPoint Redev happens? I suppose that leads me to, what's the rental policy at SVP? is there even one in place?

Imagine 20 Britains. Imagine 100 Londons. Now you are beginning to get the idea about China, where more than a fifth of the human race resides. Now imagine that vast country's economy growing more than four times faster than Britain's - growing faster. What does such extraordinary material dynamism look like? Having just visited five of China's fastest growing cities I can report that it looks like the construction of London's Docklands, projected onto multiple plasma screens, all running in fast-forward mode. I have never seen so many cranes. And they work day and night. Not even the United States in its most hectic years - the Roaring Twenties - can have been like this. You go to sleep not knowing how the skyline through your window will look the next morning. Forget the New World. This is the New, New World. AMAZING! Those rich Chinese are coming to NEW YORK, and you know Chinese people like to join together and concentrate, not separate. China town, Manhattan is saturated and no room to grow. That's why invest in flushing will be the long term investment choice.

The most popular J, K, 11 and 12 lines which has balcony in it are still advertised at full sticker price. If you don't have much cash, I suggest you to choose other units without balcony, they are easier to negotiate.

Not here to down new homebuyers. If you're happy with your purchase, then hats off to you. But numbers don't lie. The closing price per sq ft has been consistently decreasing since sales opened. I still believe that it's a decent investment option "long-term" if you can get in at low 500's per sq ft. Personally, I rather spend the premium in the city.

ksze01 - the prices shown in their website is outdated. Sales office has updated price sheets which are significantly lower (ranges 5 - 12% lower than list price). And through the negotiations, you can expect another 7 - 12% off that price. As of today, most of the popular units are sold. If you're still interested in Sky View, I'd wait a bit for Tower 2. Better view of Manhattan and lower maintenance fees...

Sky View Parc was listed as number 8 of the most selling buildings of the first quarter this year on Curb.com

FACT IS FACT, they are doing pretty well. SPC, i dont think low 500's per sqft will happen. If you want to buy, I strongly suggest you to buy it early better than later, since the economic cycling should be completed within 2 years, once the economy boost again. You will miss the chance like buying Apple stock few years ago.
Rooms Closing Price Area Sqft $ per Sqft
2 beds 759,500 1153 658.716392
2 beds 685000 1106 619.3490054
2 beds 720000 1106 650.994575
1 bed 438000 734 596.7302452
1 bed 426000 734 580.3814714
1 bed 490000 763 642.2018349

Low 500's is "MY" comfort zone. If you're happy with your entry point at low to mid 600's, then like I stated earlier, hats off to you. My personal investment strategy is that I would rather pay $1,000/sq ft in Midtown than pay half of that in Flushing. And the law of supply & demand will always prevail... if that equilibrium is low 600's then so be it. But given that this property has gone from high 700's down to low-mid 600's in less than a year (and that's a FACT too), it's too much volatility for my taste.

SPC, don't get too caught up in price per sq ft, yes it likely possible to get in the low 500's but except that you will be limited to the less desirable units (e.g. on 6-7th fl and tower 1). Don't expect to get a penthouse in that price range. To be honest, my recently closed unit in tower 3 is almost 1700 sq ft (counting balcony footage) which makes it out to a little less than $550/sq ft with incentive (closing credit). However the official closing price and not including balcony is almost $600/sq ft. I could have gotten a better deal on a lower floor but I would have had to accept less privacy.

My understanding is that they have recently applied for and have been accepted for FHA/GSE (in chinese newspaper, you can google it). That will open up a bigger pool of buyers which will only increase the demand. I don't think it will affect the closing price initially; they will probably take away some of the generous incentives first.

another hotel will be built. http://www.kanglongus.com/kanglong_hotel.html

SPC, we have been so happy with the experience in Sky View Parc. (the peaceful and sweet 4-acre roof garden with the tennis courts, dog runs, and etc... and the staff is all very friendly, helpful and responsive.) We definitely recommend Sky View Parc to our friends and anyone on the market shopping for the homes. One of our friends was recently here for a 2BR. Guess what? So many 2BRs and 1BRs lines in Tower 3 were sold out! My friend is currently deciding between 2 units: a spacious 2BR in T1-D line facing north with the views to Manhattan (Empire State too!) and diverse city views of Flushing or a 2BR with balcony facing south with amazing peaceful Flushing city views in T3. We are very excited for them!
Basically, pls. compare what your money can buy you in Manhattan ($1317/sf for Condo!), Queens, and in Sky View Parc. - We are happy to share that the money is well spent here in Sky View Parc! (for under $700K range, a tiny alcove studio in $600K range in Manhattan or poor construction quality in most buildings in Queens... but we have a wonderful 2BR in such a wonderfully developed Condo with attentive services and design. Easy commute to Manhattan as well... couldn't be happier!)

Don't get me wrong... I'm a fan of Sky View too. When I was viewing the units, it was still out of my comfort zone strictly from a price perspective (which is a big factor). However, recent closing sale prices have shown that it's approaching my comfort level... Depending on the unit, with the incentives included, it's reaching the high 500 per sq ft range. I would definitely entertain that price range. Unfortunately, early buyers have already scooped up all the desirable units such as the K & B lines. But there was no way that I could have landed a deal on those units that matched to my confort price at the time when I was condo-shopping. So congrats to y'all that were able to get in on those desirable units. I think it was worth the slight premium that you paid. I may re-visit in the near future and see if there's another unit line that strikes my interest :)

I saw in the newspapers that they recently released some south facing balcony units in Tower 3. Guess they were saving it for when the good weather hit.

In fact, I think they released the whole entire lines of Q and M. I think one is a two bedroom and the other is a one bedroom. I like that it's south facing - you get the most natural light.

SPC, to say premium implies that someone overpaid. If anything some of the early buyers got a pretty good deal on the better lines. For example, my aunt went to the negotiating table expecting discounts in line with (by % of) what I've paid and the sponsor's response was reasonable "this is the last unit of its line and we are firm with our pricing". This is the E line on tower 3 btw. In that example, the net price actually went up in respect to the earlier units.

Remember, real estate is about location, location, location, in that order importance. On my line, the 8th floor is priced higher than the 12th floor. Also, keep in mind that usable space is always superior to measurable space. Irregular shaped units will always be priced at lower per sq ft wise than symmetrical.

nyoneway - I have to disagree with you here. Some folks overpaid to ensure that they got the unit line that they desired. If you bought line X for let's say 500K 12 months ago... and I am able to scoop up the same line with same usable space on a higher floor for 450K today, then yes, you paid premium 12 months ago to not risk losing that unit. Obviously, there are many other external & internal factors that make up the moving prices. It could have been the exact reverse... where unit prices have gone up. In that case, you got a discount for getting in early. But recent closing prices have shown that early adopters have indeed paid a premium. You can spin it however you want but numbers don't lie...

nyoneway - I have to disagree with you here. Some folks overpaid to ensure that they got the unit line that they desired. If you bought line X for let's say 500K 12 months ago... and I am able to scoop up the same line with same usable space on a higher floor for 450K today, then yes, you paid premium 12 months ago to not risk losing that unit. Obviously, there are many other external & internal factors that make up the moving prices. It could have been the exact reverse... where unit prices have gone up. In that case, you got a discount for getting in early. But recent closing prices have shown that early adopters have indeed paid a premium. You can spin it however you want but numbers don't lie...

SPC, it's like waiting for the off-season sale, the items you got a discount may not be the size or color that you want.

Your statement about price of a unit may be true or false depending on 1. the sample chosen, and 2. the time period being compared. I'm with you if you were to say many of the original buyers who've bought more than a year ago did indeed pay a premium. With the benefit of hindsight one can say the buyers of Facebook stock overpaid. But hypotherically if Facebook stock went up instead, we might have though they are geniuses.

I think you know what you're doing and savvy enough to make your own informed decision, so I don't want to turn this into a debate. Here's a few things you should keep in mind:

1. The numbers can be and are deceiving. My observation is that the sponsers have at their disposal a fairly wide range of "incentives" to sweeten the deal. The closing price and net price (after incentives) will vary to a great extent, therefore the closing price is not an accurate indication of the price paid.

2. The closing on public record and what you see on Street-easy trails 3-6 months. For example, our offer was accepted in Dec and we closed in April. My feeling is that we bought at a the right time, during low season, and when the sponsers were a bit more anxious make a sale in order to ramp up to 50% to apply for GSE qualifications. Do I feel that I would have gotten a better deal today than Dec? The answer is no. Did I pay a premium? The answer is no if answered today. But if the price drops in 6 months, perhaps I did pay a premium (not that I really care since I bought something I want and liked).

3. Like stocks, you buy when you think it's going to go up, before everyone else drives up the price. If there's no demand, the the price will drop. The question is, do you see demand waning or increasing? Look at the recent closing on month-to-month basis, what is the trend?

let me explain a little bit.
1. Bad view, Bad Layout the sqft price is around $550-$600
2. Mid-conditional units, the sqft price is around $590-$620
3. Most people want units. best view, higher floor from 12 to PH in tower 3 or 15 to PH in tower 1 and 2 the sqft price is around $625-$690.

Personally... I can wait. Last year, I could have landed one of the more desirable units at $608/sq ft. A few concerns that ultimately made me not go through with it was that at that time... units weren't selling as well as they are today + 2 more buildings are planned to go up. So naturally, when I was presented with a scenario of low demand & high supply, alarms went off my head. Simple real estate economics... right? But since, the sales & marketing team has put together some promotions that appears to have paid off. I also noticed that the office building/condo at the corner of Main and Franklin is completed. Has anyone heard about that building?

Anyone know the latest closing prices for SVP? $/sq ft. Thanks!

over price building, ~$700 / SQ FT with 1 bedroom. Sponsor said that is the best offer.

$700/sq ft can buy new condo in LIC with better value than SVP

As much as the building is impressive for Flushing, every time I drive out of Manhattan after a night's out I realize just how far it is and how much time is wasted on a commute. Especially when I pass through LIC and realize there's another 20 mins until I get home.

For similar prices I'd go straight to LIC. (if apartment living is your thing....)

Another thing is, just look around Flushing and you'll see that building amenities are seldom properly maintained. While I do have faith in SVP's staff, I do worry about the demographic of residents. (look at public spaces of Queens Crossing, Sanford Tower, etc)

Now I do understand that people who already purchased will vigorously defend your decision, but I would like to hear your thoughts on how you think the future of SVP will be. Given some of the undesirable aspects of the wealthy immigrant demographic that ksze01 was raving about.

I'm a potential buyer of SVC, after seeing the apartments for the first time recently, I really like it, the price is somewhat on the high-side but with all the amenities that SVC is offering, I think a small premium is well worth it. I do have one big concern though, just not sure how bad subway or LIRR noise will be especially at night, is the 3 inch thick window enough to block out all the train/subway noises. In particular, I am interested in the Tower 3, apt. 6L with the terrace, if anyone can give me any info, it will be much appreciated. Thank you in advance.

SVP used STC 40 to 50 rating windows and exterior sound wall systems, which means: Very loud sounds such as musical instruments or a stereo can be faintly heard. When doors and windows are closed, their sound proof system can be functioned against all Heavy traffic in 85 dB, such as plane flies over the roof, train/subway passes by the building. Hopefully, I answered your question.

I also know their prices are increasing due to the high demands and there are many coming up new developments in downtown flushing.

push, I think noise will be subjective to the location of your unit. That said, I'm on Tower 3 (9th fl ne corner) and I have never hear the train even with the windows open. Occasionally I will hear a plane pass by, typically of a jumbo variety (ie 747) that is flying right overhead. At least in the summer, you will have the benefit of AC's white-noise, so you will rarely hear anything. Downside to this is that you have to keep the windows closed, but its absolute quiet when you do.

There were a number of times that I didn't even realize that we were in the middle of a storm until I saw the lightning flashes.

@nyoneway not to sound like an aviation nerd, but jumbos don't fly to LGA except in emergencies.

I just heard that Sky View Parc reaches 75 percent sold, and has also been Fannie Mae-approved.

US developers increasingly design with the Chinese in mind
http://www.scmp.com/property/international/article/1062547/us-developers-increasingly-design-chinese-mind

I am an interested buyer, just have a question:Is there any environmental concern? Water or air pollution?Did anyone did research on it?

Please read below from the government website. It will help you to understand more about the enviromental concern in the surrounding.

http://www.nycgovparks.org/sub_your_park/vt_flushing_meadows/presentation/06visionandgoals.pdf

most units sold out and price went up! U can wait for the 2 phase to build up next year!

90% sold