Crescent Club Condos, LIC

Oh, Crescent Club. What has happened there? The unfortunates in contract seem to be log-jammed in a buyers remorse situation that has everyone seeing stars. And not the good kind.

Quick condo buying recap 101: when one purchases new construction in progress and the closing doesn’t occur by a certain date (usually contract specific), one enters a rescission period during which it’s possible to legally opt out of the contract and received a full refund on the deposit held in escrow by the developer.

Clearly the Crescent Club developers are having serious financial troubles because they’ve failed to complete the building by all deadlines, and have now reached a second round of irate condo buyers in their rescission period trying to get their deposits back (as documented in forum/comment threads here and here).

Here’s the sordid story direct from a Crescent Club buyer via email »

Long Island City Getty Gas Station to become bakery, 11th St @ 47th Rd

Woah. The Getty Gas station on 11th St between 47th Ave & Rd is going to be turned into an adaptive reuse bakery, according to this architect’s rendering. Interesting. The entire facade is covered with rolling pins. Even more interesting is that it appears that actual gas will still be sold alongside your freshly baked morning muffin. Yum.

Looks like everyone’s favorite local ferry, NY Water Taxi, is expanding their services by purchasing Circle Line Downtown Cruises. It’s nice to see river transport becoming more relevant and invested in. Especially considering the increased subway ridership and decreased MTA service (holding your breath for a bailout?).

In Long Island City real estate news »

Hunters Point South as it is today, Long Island City. — photo credit

“The City Council approved the Hunters Point South project today, which will turn a 30-acre waterfront site in Long Island City, Queens into a neighborhood filled with affordable housing, by a vote of 45 to 0. Hunters Point South will be the largest affordable housing development in the city since Starrett City opened in 1974. The project will include »

Well well well. The 5th Street Lofts getting pricechopped. Is this a sign of things to come?

But wait, Purves and Badge have flippers in their waters, so what’s up with that? Good luck figuring it out at the Open Houses, and bring your skates – LIC is ICE city this weekend.

5th Street Lofts (5SL) 509 48th Ave, Hunters Point 23 still available Halstead Open House: Sat & Sun, 11-2PM

Complete list of Open Houses this weekend. »

The weather’s not looking so good for this weekend, but we know there’s a bunch of die-hard condo buyers out there. Same round-up as last week and the week before. Don’t know what’s going on at the Foundry LIC – last week they had 12 available and this week they have 14. If anyone takes any good pics, send them our way.

The Foundry LIC 2-40 51st Ave, Hunters Point 14 still available Prudential Douglas Elliman Open House Sun, By appointment only

Complete list of this weekend’s open houses »

Not much has really changed since last weekend’s open houses – same developments still on the market. Some of them seem to have sold a few. That’s about it. Overall, we’re looking at the same story, except the weekend weather is supposed to be sunny and in the high 40′s. Have fun.

Powerhouse 50-09 2nd St, Hunters Point 19 still available Prudential Douglas Elliman Open House: By appointment only

Complete list of this weekend’s open houses »

There’s going to be lots of real estate activity in LIC this weekend. I can do a better job of predicting that than the weather people have been doing lately. And I’m not even using fancy technological modes of divination either—just the listing websites.

Drivers, just don’t take my parking spot please. And if you’re coming from Long Island, or some other land of driveways, take a few moments to teach yourself how to parallel park. I’ve been witnessing some seriously bad parking jobs, from drivers outright smashing into other cars, to people literally parking so badly they take up multiple precious spots. Sure, you’ll have a garage when you move into your luxury condo, but in the meantime you know… show some respect to the LIC curbside.

Here’s a round up of this weekend’s Open Houses »