(1) Included in the net proceeds is $8 million of escrow which is expected to be received in the first half of 2016. Onex' share of the escrow is $7 million.
||Property Transaction – Mixed-use development
||Onex Real Estate
||$362 million /
$317 million from Onex
|Phase One Substantially Realized, Phase Two in Progress
|Value realized to date:
||$141 million(1) / $123 million by Onex(1)
Located in Flushing, New York on 14 acres, Sky View Parc is one of the most highly anticipated mixed-use developments in New York City. The project is being developed in two phases and will ultimately consist of 1,248 condominium units constructed above approximately 800,000 square feet of retail space and a 2,500 space parking garage. Marquee retail tenants include Bed Bath & Beyond, BJ's, Best Buy, Marshall's, Nordstrom Rack, Old Navy and Target.
In July 2015, Onex Real Estate Partners sold substantially all the retail space and adjoining parking garage of Sky View Parc. In addition, Onex Real Estate Partners expects to complete the sale of an additional component of the retail space during the fourth quarter of 2015. Onex Real Estate Partners continues to develop the second phase of condominiums at the project.