40 The QUEENS Courier • REAL ESTATE • april 2, 2015 for breaking news visit www.queenscourier.com ▶ real estate Plans for tallest Queens building move forward as MTA sells development rights BY LIAM LA GUERRE [email protected]/@LiamLaGuerre The MTA board voted on March 25 to transfer unused development rights from a Queens site it owns for $56 million to a firm that plans to construct the largest building in the borough, according to published reports. Developer Property Markets Group filed to construct a 70-story, 930-apartment building at 29-37 41st Ave. on March 11. But current zoning at the site wouldn’t allow for such a large project. However, the MTA will transfer 478,000 square feet from a lot at Northern Boulevard and 40th Road to the developer, which will allow the firm to build up to 77 stories on the lot, according to DNAInfo. The sale is expected to be completed soon. Property Markets Group also purchased the Long Island City clock tower building adjoining the development site for $30 million last year. Construction plans have yet to be released for the clock Photo courtesy of Google Maps tower, but the city is considering landmarking the building. 29-37 41st Ave. REPORT: Willets Point auto shop owners settle suit with city, moving to Bronx BY ROBERT POZARYCKI [email protected]/@robbpoz After years of fighting, a group of Willets Point auto shop owners has reportedly settled its lawsuit with the city and developers planning to transform the land adjacent to Citi Field known as the “Iron Triangle.” Crain’s New York reported on March 26 the landowners — operating as the Sunrise Cooperative — agreed to accept a combined $5.8 million from the city, Sterling Equities and Related Companies, then divvy up the funds to relocate from Willets Point to the Bronx, where an auto business co-operative will be created. “Sunrise is happy that they got to an agreement,” attorney Harvey Epstein of the Urban Justice Center, who represented the cooperative, said in the Crain’s report. “We look forward to building a large auto co-op, and to everyone in New York starting to use it.” The Bloomberg administration first initiated action to redevelop the Iron Triangle into a new community featuring housing, retail markets, a hotel and even a convention center. Related Companies and Sterling Equities — the latter of which owns the New York Mets and developed Citi Field — formed the Queens Development Group, which the city selected in June 2012 to redevelop Willets Point. At the time, Queens Development Group and the city were expected to pour over $3 billion into remediating contamination and then developing the neighborhood. The city touted it would create 12,000 construction jobs and another 7,100 permanent jobs once development is complete. While the city viewed Willets Point as a chance to update a blighted area, property owners charged the blight was the city’s own doing, as it neglected to provide the zone with essential services. The Sunrise Cooperative launched litigation when the city, after negotiations to purchase the land failed, attempted to acquire it through eminent domain. In the settlement, the city agreed to pay $4.8 million, while Sterling Equities and Related Companies will contribute $960,000. Along with redeveloping the Iron Triangle, the Queens Development Group also plans to construct a large shopping center just to the west of Citi Field, on the parking lot where Shea Stadium once stood. File photo Queens homebuying seminar for veterans set for York College BY LIAM LA GUERRE [email protected]/@LiamLaGuerre Owning a home is a central part of the American Dream, and some veterans-turned-real-estate-agents are planning a free homebuyer seminar at York College to help those who protect that dream afford homes of their own. Victor Lopez of real estate firm Keller Williams Realty Landmark II and H. Roy Bhiro of mortgage broker PrimeLending, both of whom are veterans, will join real estate attorney Ryan Walsh to host the event on April 4 at 1 p.m. The event seeks to provide veterans looking to buy a home with benefits available to them, such as how to qualify for a grant up to $15,000 for a down payment or how to get 100 percent financing for a mortgage and closing costs. “This event will provide veterans with valuable information regarding the various loan products and forgivable grants being offered,” Walsh said. “I believe that providing much education to the public is vital so that no homebuyer is taken advantage of.” The Queens Chamber of Commerce and the Neighborhood Housing Services of Jamaica are sponsoring the event. Firsttime homebuyers who are not veterans are also encouraged to attend, because there will be valuable information for them as well, such as an explanation of the entire homebuying process and pitfalls to avoid. But veterans will receive special assistance at the event, such as assistance to apply for and acquire the United States Department of Veterans Affairs (VA) Certificate of Eligibility, which verifies that they are able to get a VA-backed loan. Bhiro said because the VA doesn’t set aside enough money to educate veterans about homeownership, many veterans are misinformed about their benefits. Veterans will also be able to ask the experts at the event about their concerns and clear up any worries they may have. “We are veterans ourselves, and we feel that the veteran community is being underserved,” Lopez said. “I think there isn’t enough information and I think it there is a lot of misleading and wrong information. I want to point people in the right direction. If they are open-minded to different areas and what they are able to afford, then we can definitely help them.” The event is free, but registration is required. To register for the event click here or call Bhiro at 631-391-6457.
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