The project is currently being rezoned from M-1 to either R3-2, R4, or special use. Construction would not begin on the site until late 2006 early 2007. Located along the East River, the development team envisions building condominiums with a waterfront promenade, parks, playgrounds and tennis facilities for use by residents and the community.
Tevfik Arif, president of Bayrock, says the partnership feels the housing market in Whitestone, and Queens as a whole, is so hot right now. "The site is unmatchable, given its views and proximity to the water, and it truly is the largest remaining waterfront property available for development in the area."
Bayrock owns the Loehmann's Seaport Plaza in Brooklyn and currently has development projects in Park Slope & Brighton Beach Brooklyn, as well as a project on 73rd Street in Manhattan. Bayrock is developing projects in New York, Florida and Arizona, including Trump International Hotel & Towers in Fort Lauderdale and Phoenix.
GMUL Investment was founded in 1950. The company's investments range across the sectors of real estate, technology, communications and investment funds with direct investments that exceed $250 million.
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