Queens Plaza luxury condo failure, take 2

From Crain's:

Real estate investor Charles Dayan is buying a 130-unit apartment building in Long Island City, Queens, for roughly $85 million, according to sources. He will acquire the Crescent Club from a partnership between Simon Development Group and Meadow Partners, which took control of the building after it fell into distress in 2012.

The property, which is located at 41-17 Crescent St., was originally built by a company called NCF Equities. That firm, however, fell into default before finishing construction on the project. Subsequently, lender Citibank sold the mortgage to Simon and Meadow Partners in 2011 for $51 million.

Simon and Meadow Partners finished the building and converted it into rentals from its original intended use as a condo building and fully leased the property.

Perhaps the condo market is hot. But it's Queens Plaza. Come on.

I recall blogging about this place for Curbed back 6 years ago when it was new. Damn.