lic ec3

ummmm...the a) these buildings don't have finance contingencies so if there was an "offer" then it was certainly not a formal contract b) You can't close on a mortgage on a pre-construction until they have their TCO ... I can't imagine that these people can't even get pre-approved for a loan. anyhow ... I may be wrong. But it doesn't sound like a very "credible source"

dco is a special kind of slow thinker. It's cute seeing him get so excited about an LIC post on Curbed while not understanding in the least how mortgage contingencies work.

LICComment- What are you talking about. Who said anything about contingencies. How about you address the obvious, which is a developer going bankrupt in LIC. I hope you at least have some integrity and will refrain from steering your clients to the other project by the same developer.

This clearly shows, that development in any area, can be halted for financial difficulties. If you can't open your eyes and see the problem, perhaps you are in the wrong business.

Oh, that's right. You just decided to ignore the other thread.

A 20-story condo building planned for Long Island City and designed by architect Robert Scarano is in foreclosure proceedings, a New York-based bank reported in its latest quarterly filings.

Brooklyn firm Rosma Development's 120-unit project, known as Tower 56, is located a few blocks south of Court Square at 45-56 Pearson Street. Scarano's plans for the 321-foot tall tower were first submitted in 2005, and a permit was issued June this year.

A neighbor and an employee of a neighboring property said they saw no signs of a foundation being built.

The project owners, Tower 56 LLC, now owe $11 million on a mortgage secured in January 2005 from Intervest Bancshares Corporation, which is headquartered at Rockefeller Center.

The project's site is on a dead-end street north of the Sunnyside Rail Yards and two blocks from the Scarano-designed Vere at 26-26 Jackson Avenue.

Intervest said in its June 30 quarterly report that the property, described as vacant land, was in foreclosure proceedings. As of March, the loan was in nonaccrual status (defined as being 90 days late or having stopped all payments).

Despite the financial troubles described by the bank, in June the owners signed an easement agreement with the city to allow the Fire Department to use a small portion of the property.

Calls to Scarano, the developers and the bank were not immediately returned

How about you adress this issue?

Hey, I jsut posted on your other thread. Scarno is an Architect (as it clearly notes in your post) he is not the developer and does not secure financing for the building. He draws up the plans.

As I stated previously, this development has been stalled since 2005 - this is not a new problem. The project was a mess from the get-go. This is not a direct result of the housing crisis.

Clients? Nice try dco. I'm not in the real estate business. Now try to learn the difference between a developer and an architect. Can you please do some research and learn about your subject before you post embarrassing comments and make yourself look ridiculous?

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.

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.

lobo- I agree with your post 100%. Most of the time, I'm just having fun with LICC. I actually respect his opinion and admire his enthusiasm about LIC. I won't bore you with my same old LIC rhetoric. Just that I use it as an example, of how the market got way out of control. I have actually said, that the area has potential, but that's just ignored.

As far as the Manhattan properties, going under, I did make mention about those as well.

Oh and by the way, my most recent posts about LIC was to get LICC. get back in the game. I miss the banter.

dco is a good guy, we both enjoy the back and forth. Unlike another poster who is a miserable, obnoxious negative doofball and who I make look silly quite often, dco seems to be a genuine person. He is misguided and irresponsible in his comments, but I don't think dco sees the harm in his comments, which is unfortunate for him.

"Unlike another poster who is a miserable, obnoxious negative doofball and who I make look silly quite often"

"whom."