Criterion selling Astoria dev site to Cape Advisors for $85M: lawsuit

Criterion selling Astoria dev site to Cape Advisors for $85M: lawsuit

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Criterion selling Astoria dev site to Cape Advisors for $85M: lawsuit. Criterion is also facing a lawsuit from the Bassuk Organization and Greystone EB-5, who claim the developer backed out on nearly $230 million in construction financing the brokers had secured for the site.

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Shibber Khan’s Criterion Group paid just shy of $80 million for a Long Island city development site that had been the subject of a lawsuit with the property’s seller. The Astoria-based developer paid $79.95 million for the two parcels just north of Queensboro Plaza between 22nd and 23rd streets, property records filed with the city Tuesday show.

Criterion is under contract to sell the site to Cape Advisors for $85M, according to the suit. Bassuk secured a $215M loan from Mack Real Estate Credit Strategies, according to the lawsuit, for Criterion to build 711 residential units on the full-block waterfront site at 30-77 Vernon Blvd.

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