We decided to negotiate and purchase the development during the summer of 2020 in the mist of the Covid pandemic. There were many reasons for this decision.
First, this section of Long Island City is becoming the next targeted area for major redevelopment projects including the proposed $2B Innovation Qns Project headed by developers Silverstein Properties, Kauffman Astoria Studios, and Bedrock Real Estate Partners.
https://www.innovationqns.com/
Secondly, we believe that any stress on the NYC real estate market is temporary only. Once NYC and the rest of the world reopens and returns to normal or a new norm, the values will return and exceed any drops.
Thirdly, upon a site inspection we notice that the existing structure featured a full cellar with a solid foundation. We hired a structural engineer immediately and determined that it was possible to reuse the foundation for the new building. We calculated this to be a $1M plus savings on the development cost and time saving.
Preliminary calculations and plans allow a 26 unit condo development on an 8 story building.