Stalled Condo Project in Flushing on Track Again
- Oct 12, 2011
New York—DelShah Capital LLC has finally worked through the legal complexities that will allow it to reposition 31-32 Union Street, Flushing, as Sunrise Terrace Condominiums, and begin sales of the remaining 17 units in the property. DelShah bought the original $9.6 million senior mortgage on the property from ChinaTrust in 2009, and then worked through complex foreclosure litigation against five different junior creditors and the previous owner to obtain possession of the remaining unsold residential units and all seven ground-level commercial spaces.
The building has two- and three-bedroom residential units ranging in size from 1,000 square to 1,400 square feet all with outdoor spaces, some as large as 310 square feet. Their prices range from $439,000 to $652,500, with optional indoor parking spaces. The property’s commercial condos range in size from 650 to 2,400 square feet with access on both Union Street and 31st Drive, and range in price from $229,000 to $899,000.
Fifteen of the property’s residential units were sold before DelShah took possession. Distinct New York, an affiliate of DelShah, and Prudential Douglas Elliman are the co-exclusive marketing and sales agents for the remaining residential and commercial units at 31-32 Union Street.
“Sunrise Terrace was a new development mired in financial difficulties,” Michael Shah, principal and CEO of DelShah Capital, tells MHN. “DelShah Capital has cleaned that up and through Distinct New York has finished the property with the high-end details expected in a luxury condominium residence.”
The high-end details include, in the common areas, a marble-floored lobby and boutique hotel-style hallways. The residential units have been finished with Kohler bathroom fixtures, Whirlpool stainless steel kitchen appliances, Techline kitchen cabinets, wood floors and stone countertops, among other features.
Shah adds that he expects considerable interest in the property. “The market for the condos is buyers who want to be close to the rich culture and vibrant sense of community in Flushing,” he says. “We’ve received great interest from local business owners who want to be near their offices, shops and restaurants.”