Luxury condo tower in Flushing goes up for auction

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Barclay Tower, a 7-story condominium building, will go up for bankruptcy auction in September. Photo courtesy of A&G

Barclay Tower, a 7-story condominium building, will go up for bankruptcy auction in September. Photo courtesy of A&G

By Jacob Kaye

A brand new condominium tower in Flushing is going up for auction in the coming months after its developers filed for bankruptcy last year.

The Barclay Tower, a 7-story building located near Parsons Boulevard and 147th Street, will go up for bankruptcy auction on Sept. 14, with all bids due by Sept. 10.

The 23-unit building located in one of Queens’ most quickly developing neighborhoods features a mix of five one-bedroom units, 17 two-bedroom units and one three-bedroom unit. All but two of the units feature a balcony.

The building’s original developer, RLCH, LLC, filed for bankruptcy last year following ongoing litigation brought by shareholders.

“With a trial appearing to be at least two years off and the partnership’s plan to convert the building to condominiums stalled in the Attorney General’s office as a result of the shareholder litigation, RLCH moved to file for Chapter 11 protection in August 2020,” said Jeff Hubbard, a senior managing director at A&G, the firm auctioning off the property. “In the Chapter 11 case, RLCH’s board of directors and shareholders decided to pursue a sale of the building based upon strong market interest in the property, rather than completing the process of obtaining approval for an offering plan.”

The buyer of the building will be protected by a Bankruptcy Court order that will transfer title free and clear of all liens, claims charges and encumbrances, according to Hubbard.

The shareholder litigation was settled and dismissed in Queens County Supreme Court following the bankruptcy filings, A&G said.

The building, which is currently vacant, also features an open rooftop and 17 available parking spaces.

“This auction presents an excellent opportunity for buyers to capitalize on Queens’ booming residential market,” Hubbard said. “With such a limited amount of new construction inventory available in the area, the process of acquiring Barclay Tower at auction, securing approval of the condominium plan and selling the units offers an investor or developer an expedited way to bring new product to market.”