REAL ESTATE SEE IT: Fully renovated English Tudor in Forest Hills Gardens for nearly $2.8M Developer to break ground on 45-home Whitestone project this summer BY LIAM LA GUERRE [email protected]/@LiamLaGuerre The new owner of the former Cresthaven Country Club site in Whitestone is hoping to break ground on a massive development project of 45-single family detached homes by the end of the summer. Most of the homes on the six-acre site will have approximately 2,500 square feet of living space with four bedrooms and four full bathrooms, according to Tim O’Sullivan of Fulcrum Real Estate Advisors, which purchased the site in a foreclosure auction last month for $13.6 million. Great Neck-based architect Frank Petruso is designing the project. The current plans could change, but the 45 homes in O’Sullivan’s plans would sit on 4,000- to 6,000-square-foot lots, so each could have space for driveways and private yards. And based on the renderings, homes would have garages and basements. They could sell for $1.5 to $2 million each. Although original plans were for 50 homes, they were shrunk to 45 so each home will have more space. However, as smart investors do all the time, O’Sullivan is testing the real estate market to see the possible value for the site and has listed it with brokerage Cushman & Wakefi eld. He is taking offers for the site, but said a potential buyer would have to offer a price that “hit it out of the park” to get him to sell the site. “Very few people get a chance to make their mark with 45 properties in an area,” said O’Sullivan, who grew up in Whitestone. “Our intention is we are in the ground in the summer. That’s the reason we bought the property.” He added, “After we got it on auction, I had people coming to me offering me ‘X’ dollars. What we decided to do is put it out there and test the market. But we are continuing with our development plans.” Stephen Preuss of Cushman & Wakefi eld, who is handling marketing for the site, said he doubts any potential buyer of the site would try to divert from the plan. “For them to be in the ground in the next few months, they would have to follow those plans,” Preuss said. “I don’t think any developer would change those plans. It’s been well received by the community.” While residents and politicos in the area have approved O’Sullivan’s plan, they are starting to warm up to another developer’s plan for the nearby 18-acre Waterpointe site. After negotiations with Councilman Paul Vallone, Edgestone Group, which owns the much larger site, turned away from a plan with 107 townhouses to one with 52 community-supported, single-family residences with a waterfront park, promenade, marina and other amenities. BY LIAM LA GUERRE [email protected] @LiamLaGuerre Tucked away a few blocks from the 75th Avenue Queens Boulevard subway station, and within walking distance of the bustling Austin Street commercial strip in Forest Hills, homebuyers will fi nd a fully renovated English Tudor. Although the residence, located at 44 Seasongood Rd. in Forest Hills Gardens, is close to a variety of retailers, restaurants and transportation, the house provides a quiet and private atmosphere similar to the suburbs. This best-of-both-worlds home is priced at $2.79 million and listed with Terrace Sotheby’s International Realty. Completely renovated with all new windows, hardwood fl oors, cabinetry and fi xtures, the residence refl ects a modern charm although it was built in 1925. It features a large kitchen and spacious living room, and there are fi ve bedrooms and three and a half bathrooms. There is also a private rear garden for parties and family gatherings. Photos courtesy Terrace Sotheby’s International Realty
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