By Jacob Kaye
A model new condominium tower in Flushing goes up for public sale within the coming months after its builders filed for chapter final yr.
The Barclay Tower, a 7-story constructing situated close to Parsons Boulevard and 147th Avenue, will go up for chapter public sale on Sept. 14, with all bids due by Sept. 10.
The 23-unit constructing situated in one in every of Queens’ most shortly growing neighborhoods options a mixture of 5 one-bedroom items, 17 two-bedroom items and one three-bedroom unit. All however two of the items characteristic a balcony.
The constructing’s authentic developer, RLCH, LLC, filed for chapter final yr following ongoing litigation introduced by shareholders.
“With a trial showing to be at the very least two years off and the partnership’s plan to transform the constructing to condominiums stalled within the Lawyer Basic’s workplace because of the shareholder litigation, RLCH moved to file for Chapter 11 safety in August 2020,” stated Jeff Hubbard, a senior managing director at A&G, the agency auctioning off the property. “Within the Chapter 11 case, RLCH’s board of administrators and shareholders determined to pursue a sale of the constructing primarily based upon sturdy market curiosity within the property, relatively than finishing the method of acquiring approval for an providing plan.”
The customer of the constructing can be protected by a Chapter Court docket order that may switch title free and away from all liens, claims fees and encumbrances, in accordance with Hubbard.
The shareholder litigation was settled and dismissed in Queens County Supreme Court docket following the chapter filings, A&G stated.
The constructing, which is at present vacant, additionally options an open rooftop and 17 obtainable parking areas.
“This public sale presents a wonderful alternative for consumers to capitalize on Queens’ booming residential market,” Hubbard stated. “With such a restricted quantity of recent development stock obtainable within the space, the method of buying Barclay Tower at public sale, securing approval of the condominium plan and promoting the items affords an investor or developer an expedited technique to convey new product to market.”