46 The QUENS Courier • REAL ESTATE • april 16, 2015 for breaking news visit www.queenscourier.com ▶ real estate NEW LIC CONDO BUILDING TO BEGIN SALES IN MAY BY LIAM LA GUERE lguerre@queenscourier.com/@LiamLaGuerre Although the Long Island City real estate market is scorching hot with thousands of apartments planned, last year there were no new condo units available, said Eric Benaim, CEO of brokerage Modern Spaces. Meanwhile, the demand for condos in the burgeoning area is climbing as more people desire to settle down in LIC after renting there for a while. To meet demand, some planned LIC condos will come to the market this year, including a building called The Corner at 47-28 11th St., which Modern Spaces recently announced will begin selling next month. “We are excited because we know there is a lot of demand for condos,” Benaim said. “What tends to happen is people get introduced to the area through the rentals then they live here for a while, and then they are ready to buy.” The Corner has 23 units, which are a mix of one- and two-bedrooms. The homes feature chef kitchens and oak flooring, and some units have private outdoor space. The building also offers designer-style bathrooms with Kohler tubs, Grohe fixtures and ceramic titles. Additionally, there are numerous amenities through The Corner, such as a fitness center, sundeck and residents’ lounge. The condominium is being built through a joint venture partnership between Kora Developers LLC and BK Developers. Prices for the condos have yet to be announced, and the building isn’t planned to be completed until later this year, so new homebuyers won’t be able to move in until at least the end of the year. Rendering courtesy of Modern Spaces Photo courtesy of Christopher Bride/PropertyShark The site near the intersection of 150th Street and Fifth Avenue. New owner of Whitestone site pledges to stick to zoning with development plans BY LIAM LA GUERE lguerre@queenscourier.com/@LiamLaGuerre The new owner of a contentious massive development site in Whitestone is going to give the community what it wants: single-family detached homes. Tim O’Sullivan paid $13.6 million at an auction on April 10 for the 6-acre site near at 150th Street between Fifth and Sixth avenues, which is zoned for smaller residential properties, and hopes to build two-story, single-family detached homes on the land. The property was previously known as the Cresthaven Country Club and was used for years by the Catholic Youth Organization (CYO) as a summer day camp. Residents and community leaders were planning to fight any development on the property that didn’t meet zoning, such as high-rises or other large properties, hoping to protect the character of the residential neighborhood. O’Sullivan, who grew up in Whitestone, said he understands what the residents are feeling and wants to be on their side. “We are looking forward to working with the community, state Sen. Tony Avella and our architect, Frank Petruso, to produce a development befitting this beautiful Whitestone neighborhood,” O’Sullivan said. “I grew up in Whitestone and I am happy to contribute to the neighborhood in a positive way.” The site was part of the former Cresthaven Country Club and then was owned by real estate firm Whitestone Jewels LLC, but has been in foreclosure since 2007 after the firm defaulted on its mortgage. Whitestone Jewels LLC purchased the site in 2006 for $23.3 million from the Catholic Charities, Diocese of Brooklyn, according to city records. As the April 10 auction date was approaching, Avella and residents began to warn potential buyers about overdevelopment, and the new civic group We Love Whitestone was hoping to convince the city to purchase the property and transform it into parkland. “Whitestone is a residential area dominated by one-family homes,” Avella said. “This lot sits immediately across from homeowners who do not want their community to be overtaken by large buildings that tower over their houses. I am happy to support a project that will preserve the look and feel of the surrounding community.”
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