Silverback Development reinvents the closing process at HERO LIC

By CityRealty Staff | From Future New York Tuesday, April 14, 2020

Hero LIC via Clifford Toy

While New York State may have declared certain real estate work to be essential, agents have nevertheless been forced to get creative to move forward and complete various aspects of the home search/buying process to keep all parties safe and the outbreak at bay. New condos throughout the city have incorporated personalized video tours into their marketing plans, but what happens when a buyer has already submitted an accepted offer and is ready to seal the deal in this new environment?

The Real Estate Board of New York (REBNY) recognizes that a halt to apartment sales throughout New York would create tremendous hardship at an already economically precarious time, and has thus introduced a set of new practices to facilitate remote real estate transactions. Board packages can now be distributed electronically, and board interviews can take place via FaceTime, Skype, or Zoom. Moreover, escrow closings and virtual closings mean that all parties involved in a sale do not have to physically attend a closing, but can use electronic means to sign documents and exchange funds. Early in the COVID-19 crisis, Governor Andrew M. Cuomo released an executive order allowing virtual notarization of documents, which considerably smoothed the path for virtual closings.

Silverback Development's striking new condo-tower, Hero LIC, puts these into practice and provides an innovative approach for buyers looking to complete the closing process during these unprecedented times. The 109-unit high-rise stands as an uplifting beacon sited at Queen's most ceremonious gateway, Queensboro Plaza. Elevated upon a beautifully preserved early 20th-century loft building, the Woods Bagot-designed addition is distinguished by an evolving array of curving balconies that pay tribute to the Art Moderne style. The newly-finished building has remaining sponsor residences attainably priced from $600K to $1.3 million. The building also possesses a coveted 15-year 421a tax abatement that will be passed down to all units. Find the available listings here.

The revised closing procedure nixes traditional walk-throughs of large groups in favor of a remote process utilizing a video notary and documents exchanged via overnight courier so as to minimize physical interactions. From there, move-ins are limited to one unit per day with disinfecting and cleaning services taking place in between.“We saw this as an opportunity to be creative and streamline the traditional process of residential closings,” said Josh Schuster, Managing Principal of Silverback Development.

“We saw this as an opportunity to be creative and streamline the traditional process of residential closings.” -Josh Schuster, Managing Principal of Silverback Development

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The well-timed closing method is the latest example of how Hero LIC has raised new standards for its neighborhood. Where much of the emerging Long Island City skyline has been devoted to prosaic glass edifices, Hero LIC stands out for going the extra mile in preserving the site's pre-existing building and proving an eye-catching design above. All apartments feature a mix of oversized and picture windows, open-concept layouts, sleek contemporary kitchens, and generous closet space. Some homes have spacious balconies but nearly all feature glorious views of one of the great man-made wonders of the world, the New York City skyline.

Over 15,000 square feet of thoughtfully curated amenities include a Zen garden off the attended lobby, a wellness center and separate yoga studio, a Sky Room lounge with pool table, a roof deck with BBQ grills, and a 3,000-square-foot open-air veranda with dramatic 30' ceilings.