March 30th, 2023, by Paul Bubny
The Corbin Group at Rosewood Realty has delivered a Chapter 11 bankruptcy sale of a stalled construction development site in Long Island City, Queens for $14.12 million. The buyer’s plan for the site at 25-16 37th Ave. entails 38 units of residential, as well as ground floor commercial space and an underground parking lot for a total of 44,000 buildable square feet.
“Despite the challenges posed by the project being stalled and sitting exposed to the elements for almost three years, we overcame these obstacles and secured a successful sale: a testament to the demand for new multifamily projects in Queens,” said Rosewood’s Felix Ades. “This transaction’s feasibility can largely be credited to the in-place 421A tax abatement.”
Greg Corbin, president of bankruptcy and restructuring, along with Ades, a director on his team, represented both the undisclosed buyer and seller in this transaction.