Condo Development 101: Mystery construction 11-15 50th Ave

11-15 50th Ave, Hunters Point

This morning, a special liQcity source gave us the scoop that the mystery building at 11-15 50th Ave, just south of Hunters View (by the Pulaski), filed a CPS1 with the Attorney General’s office. CPS1 = Cooperative Policy Statement 1. Essentially, this allows the developer to advertise the project in order to collect ‘expressions of interest’, before the offering plan is accepted. Usually a building does this to test the waters of going condo or rental.

The developer can’t market units with any specific sale prices while in a CPS1 phase, but can engage in general marketing. For example, The Kimaya is currently in this phase. If you read the fine print on their website, they don’t have an accepted offering plan, but the advertisement is pursuant to CPS1. Once the offering plan is accepted and on file with the Attorney General, a developer can market with specific sales prices and execute contracts.

According to the source, the developer of the mystery building filed for the CPS1, but didn’t submit an offering plan for review. They’re not required to do so, but often it’s submitted in tandem. What does that imply? Nothing really.

The nugget to extract from this story is that we suspect that this will be a condo building, not rental, and we might see some marketing materials hit the presses soon. Eyes and ears are standing by.