Parsons
Property Description
Property Description
Developer
Triangle Equities
Completion
2014
Project team
Architect: Raymond Chan & Associates
Project profile
Stalled Construction of a 28,546 SF residential and office condominium building
Financing
“Loan to Own”
Triangle Equities Purchased with Cash
Approval 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 Equities purchased a non-performing note collateralized by the building, which had been 85% complete. After the building underwent the foreclosure process, Triangle Equities obtained control of the underlying asset and completed construction in 2014.