Stalled Construction of a 28,546 SF residential and office condominium building
Architect: Raymond Chan & Associates
TOTAL DEVELOPMENT VALUE
“Loan to Own”
Triangle Purchased with Cash
NYC Dept. of Environmental Protection
Attorney General New Condominium Approval
Located in the Flushing neighborhood of Queens, 42-05 Parsons Boulevard is a mixed residential and office condominium building. The building features steel frame construction with a glass window wall, creating both inviting living and work spaces for the 14 residential condominiums and 5 office condominiums. Triangle purchased a non-performing note collateralized by the building, which had been 85% complete. After the building underwent the foreclosure process, Triangle obtained control of the underlying asset and anticipates completion of construction by end of Summer 2014.