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Updated On 09/02/08 at 04:21PM
Scarano project in LIC facing foreclosure

Tower 56 rendering
By Adam Pincus

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

Prices in this building are insane....

1.25M @ $1,378 per ft²?????? Who is setting these prices?!?

This article isn't about the Vere. That is a different building with a different developer.

Let me take a guess, EC3?

Come on! With Interiors by Andrés Escobar!

Andrés Escobar- I have no idea and could care less who the designer is. Give me a good price. Gees, people are just ignorant. It is becoming very clear just how we got into this mess in the first place.

Marble countertops!

ON JACKSON AVENUE, GODDAMIT!

They do have a Domino's Pizza down the block... maybe they should jack it up to 1500 per sqft

THis is so ridiculously over priced, these developers need to get a reality check, the location is not LIC it is Quennsboro Plaza....

I went for a full viewing at The Vere this morning.

I was fairly impressed with the property layout and sales center but did have a few concerns.

Pros
----
- Floor-to-ceiling windows. Generous (penthouse) ceiling heights.
- Elegant modern/European kitchen & baths (Bosch appliances/W&D)
- 5" real hardwood flooring
- Spacious rooftop terrace and gym overlooking parts of LIC/Queensboro Bridge & some views of the Manhattan skyline.
- While the sq. footage listed on the availability matrix seems smaller than other properties, it is a accurate estimate (not incorrectly written on matrix). Penthouse units did seem a little small on the sq. footage aspect.
- Expected Gotham Center within walking distance.
- One portion of the development is on a dead end.

Cons/Observations
-----------------
- Location. Not exactly the most happening part of LIC/Queens. Additionally, nothing within close walking distance except a Gulf gas staton/Dominos.
- Only part-time doorman (virtual doorman during off house), although this could be a plus in keeping common charges down.
- Somewhat pricey for location. Although the agent did state the developer was negotiable on the pricing.

Comment removed.

The block (retail/commerical wise) was quiet. While I was up on the higher floors (9-12), although there was a fair amount of traffic on Jackson the units were pretty well insulated/soundproofed.

Not much else going on there except the Citi building, and the expected expansion of other developments on Jackson, as well as the Gotham Center.

There is no onsite parking at Verve. The developer is offering 1-year free parking (normally $109/month) down the street at the Court Street Municipal lot.

Comment removed.

anyone know how many Apat. has been sold????

Have they sold any units yet? I liked this building was considering buying however there is absolutley nothing around...the sales agents say its coming....they ame down in price a little on som units but they were so inflated to begin with that I still think its unrealistic....any thoughts?

Still highly inflated IMO. However, Scout27 did say the developer is negotiable on price.

thanks rcap...so hard to tell what a realistic price should be in that area anyway

The real question now is how negotiable the developer is. Anyone? Any input would be appreciated.

Comment removed.

Price per sqft is listed at over 700. Still need to know how negotiable the developer is... Anyone?

i did buy one unite, last Nov. 2008 back then they was very negotiable.... but now then building its 100% done, am sure they are more tight to give way good deal!!!!

it doesn't cost anything to make an offer. go in there and get a feel of what the developer is saying they would accept and then knock 10-20% off that. i love the building, but am also hesitatnt about the area, and the developer. apparentley he had another bldg a block away that went bankrupt.

here are some additional thoughts

nice views of nyc skyline from apt and rooftop-for now
great appliances and love the bathroom
numerous subway lines to choose from/as well as the tunnel or bridge
great light in the apt
queens plaza is under major renovation,
this bldg is a smaller development-only 43 units,

very underdeveloped area, a lot of new commercial hi-rises,but no stores
no on site parking,and nearest garage is about 2 blocks away
not sure about the unique a/c this bldg uses, anybody have any info?
far away from hunters point south development, unlike most of the other condo's-pro or con?

How many units in contract now? And apparently they have a preferred lender allowing for 10% down.

i think they are 50% in contract, went to look at a unit again and it was gone.this bldg is close to subways but away from everything else

any new info on vere???

closing starts at the end of november

600$ psf??? t00 much nothing around but a gas station dominos pizza and lumber shop

I took a look at Vere, not worth what they are asking for.

i've been to every condo in lic and vere (and l haus) seems to be the only one that will even play ball for 1 bedroom around 400. i missed 1 in 10-63 by a few days which led me to this bldg. i agree 100% there is nothing in the area, but jackson seems more commercial then vernon so hopefully there will be some stores opening up

I walked by there at night recently. Not all that attractive or comfortable, and I've lived in some questionable neighborhoods at times. IMO not worth the money by a long shot. Oh, and the next thing opening up around there is a new strip club. Not a good sign for the near future.

i know just saw where this club is located, looks like about 7 blocks away, but its no different then the other ones already there. doesn't really matter to us either way. we want to see what happens with gotham center.

Are u kidding me, not a comfortable area, I'm a cop and I patroled
LIC. Maybe u felt uncomfortable cause it is a large commercial
deserted area at night. But far from unsafe in my opinion.

very close to signing contract,think im getting a fair deal, , any final thoughts about this building?? thanks for any help.

I don't like any deal for Vere unless you are getting 500 psf or under. Space is tight, quality is decent but maintenance is way too high. As for the location.. I don't feel its a dangerous area but you have nothing there.

Comment removed.

i looked at the building too and the most developer would budge was 420,000 for a one bedroom 8 floor 624sqf..... still not worth it there is nothing there i walked around and drove at night creepy....

cc compared to other bldgs are actually cheaper. 1 bdrm for under 600 a month-with the a/c charge. i read once before about the cc being high but i just dont see it.

freezer it all depends on what you consider a fair deal..

$420,000 for one bed at 624sqf...so it's about 673 dollars per sq/ft. Wow, expensive in today's
market......

Freezer how are you comparing these cc's? The dollar amount may be less than some other buildings, but for the sq footage and amenities it is way expensive.

when i said $600 for cc, thats including about $120 a month for the a/c heat expense that this bldg does,so the cc would be around $480 a month. this bldg has some weird a/c heat system that charges a set amount regardless of how much you run it, which you will not be paying elswhere(con ed) . as for the amenities its missing-media room, and full time doorman, i can live without a media room and i like the idea of not having a fulltime doorman. it has a gym, part time doorman, rooftop terrace,

Thats exactly whay 624psf is too much

no one knows what a fair price is in any of these condo's. thats the problem. i signed a contract for $620psf. i needed a place to live and was sick of throwing money out at rent. and it doesnt hurt to pay a premium to live in a brand new building!! i think im just really happy because the search is over!!

freezer on SE just look up recently recorded sales for LIC and you can see the psf of $620 is high. Most of the records are of new condos and probably at better locations(actual LIC) than Vere(Queensboro). Not to mention the amenities are better and cheaper.

thanks rcap, but i like the location of vere, and the amenities are fine for me. i like having numerous subways because i work all over the city, rather then being stuck with just the 7. i could care less what the neighborhood is called.

$703psf is for lic according to streeteasy, but thanks for your help

freezer im curious what do you like about the neighboorhood? thesres nothing there no grocery no restaurant no drugstore...etc. i liked the building too but passed up on it simply because there is nothing other then a dominos pizza and gas station

there's a supermarket 2 blocks away, and duane reade is planned for across the street, i think this area is going to be great. and all the subways are there!!

which supermarket? ive walked around the area and could not find one the gristedes that was supposed to come @ arris lofts is not going to happen anymore. i do wish u luck and i hope you like your new place freezer which is all that matters. did you get a 1 or 2 bed? they were offering me a 1 bed at 420,000 but i couldnt quiete get past the area in a few years im sure it will improve

Freezer congratulations on ur place, u will like it.did u get the higher floor if so how is the view

"ALL the subways"?

Queens plaza isnt that close n its pretty dirty try walking there at night...court square 3 blocks away

there is a ctown past the citibank building,the view is great, for now,looking at empire/chrysler/un, just worried about whatever they develop on the pepsi site will obstruct views, but hopefully keep partial view after construction. when i said all the subways are there-i meant you have options,rather then being stuck with just the 7 train. the r/e/v/7 will be the main options. i dont think i got a great deal, but i need a place, and i like how quite it is over there. i live in the city now and cant wait to move!!

I like what the building offers. Does anyone have links to where this particular area will be going in the future?

There is no shortage of strip clubs.

thanks for all the help. i learned a lot from SE, and appreciate every post. this is a tough time to buy, but i was never looking for an investment-but rather a place to live. i am glad the process is almost over.

Congrats Freezer...!!!! when are you moving? i have my close date for Nov. 17, hope be moving soon....

freezer do you think some of the views will get blocked? are there any plans to develop anything that may block the views? again congrats!

close nov 23,the views of many buildings will get blocked eventually, look at powerhouse, i think thats why some of these bldgs get away with very high prices because they know their view will not go away. but i expect some of the views from my apt and even the rooftop to disappear over time. but as the views disappear, the neighborhood grows. i think vere is in a good location for the future.

does anyone know why there has been no closings here yet whutz the holdup?

closings began last monday, the building is now occupied.

just visited a friend who closed here last week. apt is nice with great views. neighborhood needs some more amenities but it often pays to be the first on the block

anyone know how many units they have sold they came down in price alot

anyone know what percent of units is sold? or how much are 2 bedrooms going for now? I know they lowered pricing alot but its not reflecting on streeteasy

any info on this building just talked to a friend that went to see it and said developer not very negotiable?... $700psf for jackson avenue?

it looks like they have closed a bunch of units, prices seem to be more in the $600psf range for those that are recorded. but why are there 58 units listed for sale, when there are only 43 units in the building?

so this is selling for more then powerhouse and lhouse and arris psf?

arris has an awkward floorplan and powerhouse is an old building.

and vere is next to dykes lumber and a gulf gas station with no grocery dry cleaner or any other ameneties? And its not even on the waterfront I find it hard to beleive that it could sell for more I thought this would be the cheapest development in lic

i think i has been price right according to the sale record.

what is priced right

Ignored comment. Unhide

isn't that a power plant building conversion? Built in 1906?

vere - one bd at less than 600/sqft with a view sounds about right.

They are asking close to $700psf for the two bedrooms not less then 600

they are very negotiable with the price tho.

dew may I ask do u live there how do u seem to know so much about vere they didnt seem negotiable when i went to inquire about how much 2 bedrooms were actually the broker told me now that they are fha approved the developer is not willing to negotiate so much. I think they need to bring their prices down ALOT considering their location they are closer to queens plaza then the waterfront

I live on manhattan, but I'm actually looking at one PH at vere. I was told the price isn't much negotiable to begin with. Once you get your offer in, that'll move their price down.

I would suggest you at least try your offer and see where it goes...

I was at vere and one bd they were asking 640/sqft.

Funny thing is I offered them 610/sqft and they came back to me with 670/sqft.

Not sure how that is working...

it really depend on who you talk to over there I think. Find the right person sometimes is the key

jam1 i agree they seem to be not negotiating much however they only sold 1 two bedroom... and the guy in the sales office is full of bs tells a different story to every person but thats his job i guess

anyone own a uniit here?

Everytime I take train from the city to queens I don't see lights on this building except 9th floor (sales office)

Does anyone live? Rent?

This is another building added to the FHA approved condo list. Should open up the pool of buyers. At this rate, I think a majority of the new condos in LIC will be FHA approved. sunny.hong@bankofamerica.com

i do live there... been there for almost 2 month now... im loving it...

Bob - do u know about the doorman schedule? i've never seen the doorman.

bob what do u love about it? everytime I walk by the area is so deserted

the doorman is a part time doorman, which keeps cc down, its a good idea unless u need someone to re assure you 24 hrs a day

I heard the developers were renting out many units does anyone have any info o n that?

i don't think they were rented out

freezer - do u know the hr of the doorman? tks

we have security right now, not a true doorman. as with all new developments, things are in flux as units are starting to close.

They have only sold one 2 bedroom at "preconstruction price" $565.000 Now they want $650k would anyone pay that much for Jackson Ave?

They got a nice finish building with huge windows. Other than that..... can't find any other pros

The building is in middle of nowhere, no onsite parking, part time doorman.

Location is everything for living but for investing purpose, price/potential is everything.

Price is high and potential is very low/limited for now in this economy.

Long story short, I wouldn't pay $620 psf in that location.

They got a nice finish building with huge windows. Other than that..... can't find any other pros

The building is in middle of nowhere, no onsite parking, part time doorman.

Location is everything for living but for investing purpose, price/potential is everything.

Price is high and potential is very low/limited for now in this economy.

Long story short, I wouldn't pay $620 psf in that location.

They got a nice finish building with huge windows. Other than that..... can't find any other pros

The building is in middle of nowhere, no onsite parking, part time doorman.

Location is everything for living but for investing purpose, price/potential is everything.

Price is high and potential is very low/limited for now in this economy.

Long story short, I wouldn't pay $620 psf in that location.

Jam you put that very well my thoughts exactly

As far as the studios here go, I like them. They have balconies and washer/dryer units. Virtually no other buildings offer that in LIC.

Anyone know how the prices are going at the Vere? Last I heard only one or two studios left. Would the price per square foot be higher since the size of the apartment is smaller?

Thx!

average price per sq in vere studio - $668

#701 closed most recently at $668 psf

unit sold ppsq_sold
#301 $300,000 $626.30
#401 $310,000 $647.18
#501 $330,000 $688.94
#601 $340,000 $709.81
#701 $320,000 $668.06

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