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.
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