BY JOE MARVILLI
One of Flushing’s largest real estate projects has fallen under the control of one owner.
Onex Real Estate Partners has bought out Muss Development to take charge of Sky View Parc, a condo and retail complex located in West Flushing. Onex will now have direct control of the second phase of the development for the property.
The buy-out took place just months after Muss Development put its half up for sale in August 2014. Massey Knakal Realty was called in to help facilitate the sale of the development rights for the property’s future.
The second phase will construct a trio of residential towers totaling 650,000 square feet. These structures overlook the 800,000-square-foot retail mall. The plan calls for 619 luxury condominiums, though that estimate could grow to about 800 units, according to the Massey Knakal listing.
“Onex Real Estate Partners remains in full control of the site and will be moving forward with developing Phase II of Sky View Parc,” Michael Dana, president of Onex Real Estate Partners, said. “As the same team behind Phase I, which was named among the best-selling condominiums in New York City, we are eager to bring the next chapter of this thriving community to fruition.”
There will be additional information on the timetable for Phase II in the coming weeks, according to a spokesperson for Sky View Parc.
At the moment, Sky View Parc has 448 luxury condominiums that range between studios, one-, two- and three-bedroom units. Amenities at the development include a four-acre rooftop garden, a basketball court, two tennis courts and a putting green. In 2013, Sky View Parc was the number one condo-sale site in the City.
The mall itself, known as the Shops at Sky View Center, features a mix of stores dedicated to apparel, electronics, entertainment, groceries and more. The mall also has a six-level parking garage with a capacity for 2,400 vehicles. Nearly 100 percent leased, it is owned by Onex and managed by Related Management Company.
Those units and the mall were completed as the development’s first phase in 2011. The property takes up 14 acres along College Point Boulevard.
Onex Real Estate Partners formed in 2005 and has held investments in all major property types. While the majority of the branch’s holdings are currently divested, Sky View Parc is a remaining investment.
Sky View Parc is located at 40-28 College Point Blvd., Flushing.
Reach Joe Marvilli at (718) 357-7400, Ext. 125, firstname.lastname@example.org, or @Joe Marvilli.