Signs of Life for Long-Stalled Development in the Steinway IBZ

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It was ten years ago that the original developers of 19-73 38th Street began the process of trying to build at large mixed-use project on the edge of the Steinway IBZ by going through the ULURP process to gain approval for housing on the site. As the Queens Gazette reported at the time, the owners envisioned a 10-sotry building with retail, community space and parking on the lower level and condos on the upper floors. By 2008, the developer had its application to build a 234,000-square-foot building approved by DOB. The developer was only part-way through the project however when it ran into financial difficulties and construction stalled. The first lis pendens was filed in 2009 and a foreclosure sale was scheduled for October of last year with an outstanding lien amount of $25,478,983. Property records show that the deed changed hands in February of this year for just $6,000,000, which, at about $25 per buildable foot, seems incredibly low. So low, in fact, that the truth has to be more complicated. Regardless of the financial details, it appears that a permit was issued for a partial job in March, and a guy running the garage across the street said he’s heard that the project was going to start up again. This good news for the neighborhood? Anyone know more of the gory details about how the original deal imploded? More photos of the site below. GMAP

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