Developer

Triangle Equities

PROJECT PROFILE

Stalled Construction of a 28,546 SF residential and office condominium building

PROJECT TEAM

Architect: Raymond Chan & Associates

TOTAL DEVELOPMENT VALUE

$11M

COMPLETION

2015

FINANCING

“Loan to Own”
Triangle Purchased with Cash

APPROVALS OBTAINED

NYC Dept. of Environmental Protection
Attorney General New Condominium Approval


SUMMARY

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.