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A tipster tells us that a group of Chinese investors paid $18,500,000 for a big piece of property at 2300 Cropsey Avenue in Gravesend at a state foreclosure auction yesterday. The 45,688-square-foot property, which is sandwiched between Cropsey and Bay Parkway at 23rd Avenue, currently houses a six-story building with a demolished interior that’s zoned as a nursing home. The existing building is 85,619 square feet.

However, an old listing from Massey Knakal notes that the previous owner had acquired additional air rights to construct a 30-story mixed-use development with 264 apartments, 81,378 square feet of community space and an underground parking garage. With the new air rights, the site can hold a new development of up to 275,000 square feet.

The site’s previous owner was Russian developer Alexander Gurevich, whom then-Attorney General Cuomo banned from selling condos and co-ops in New York State for three years in 2010, The Real Deal reported last year. When plans for the massive development didn’t materialize, Gurevich defaulted on his construction loans and mortgage to the tune of $17,030,000.

After fees and penalties, the lien on the property is $27,024,325, according to foreclosure documents. The defaulted mortgage, once held by Lehman Brothers, is now held by a Swedish bank that took over dozens of former Lehman mortgages. The last time we wrote about 2300 Cropsey was in 2010, when we highlighted it for having the most DOB violations.

DOB’s Most Violated? [Brownstoner] GMAP
Image by Massey Knakal

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Finding nice places for you to live in Queens has lead to this sort of dream like ambition of finding homes for you people to actually buy. We came across this place on craigslist in Long Island City, and thought someday, this too could be yours. The Queens Library and the great folks at Chhaya are ready to help those who dream of homeownership devise a plan. The organization is hosting one session tonight and another on May 14 to help people who are interested in learning more about homeownership (which may be one of the longest and most complicated words in the English language). Though Chhaya is an organization dedicated to assisting the South Asian community, you don’t have to be South Asian to attend (duh).

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Houses in Queens are not selling as fast as they once were, according to Prudential Douglas Elliman via Curbed. The site reports both a decline in price and inventory in the borough. In Northwest Queens, where many new developments are located, the median sale price fell 15.8 percent from last quarter—but the number of sales stayed steady, at 194 units.

The Queens Courier also reports that southeast Queens remains the epicenter of citywide foreclosures.

According to a spokesperson from Property Shark, the 82 newly-scheduled foreclosure auctions in Queens account for 39 percent of New York City’s total foreclosure activity.

Still, the paper says that foreclosures in the city are down 18 percent as a whole when compared with this same period last year.

Image Source: Wikipedia