By Stephen Stirling
Despite a nationwide slowdown in the real estate market Muss Development’s megaproject Sky View Parc soldiers ahead, recently landing a major lease with BJ’s Wholesale Club as it continues to fill out a planned retail center.
Muss Development said it recently signed a 20−year lease with BJ’s for 121,000 square feet of the 800,000 planned square feet of retail space at Sky View Center, a large shopping center planned for the development.
The Forest Hills−based developer said restaurant franchise Applebee’s also signed a lease for 6,500 square feet of space.
“BJ’s and Applebee’s are a perfect compliment to the diverse retail mix that we will offer at Sky View Center,” said Jim Jarosik, senior vice president of Muss Development. “This unique project provides a tremendous opportunity for retailers to be part of a world−class shopping destination in New York City’s most under−retailed borough.”
Constructed on land Muss purchased in 1983, Skyview Parc will consist of six residential towers comprised of 1,100 housing units all built atop a large retail shopping center. The project is being built in two phases with the first, consisting of 448 condos and the retail center, expected to be occupied by the end of 2009.
“Even in these uncertain times, retailers are flocking to Sky View Center because they see the value and enormous potential of having a location here,” said Jason Muss, a principal at Muss Development.
The progress is good news for Muss, after it was revealed in January that problems had arisen with one of its principal lenders.
Arbor Realty Trust, which agreed to loan Muss approximately $75 million for construction of the project, had not paid advances on its loan for November and December, leaving Muss to put up nearly $4 million itself, sources said.
Muss would not comment on whether the lending situation had been resolved.
For more information on Skyview Parc, visit skyviewparc.com.
Reach reporter Stephen Stirling by e−mail at sstirling@cnglocal.com or by phone at 718−229−0300, Ext. 138.
