Tri-Bassco, Inc. sells out 13-unit Flushing condo

Tri-Bassco, Inc., a Flushing-based developer, has completed selling out their newest 13-unit condominium. The Roosevelt Plaza Condominium is located on Roosevelt Ave. Tri-Bassco principal, Djalil Bassaly, purchased the property in 2000 at the beginning of the area's real estate boom, when prices for development sites went for only a few hundred thousand dollars. Today, development sites in the area fetch nothing less than a million dollars on the low end. Construction on the 13-unit building started in late 2007 and was completed two years later. Tri-Bassco's president, Andy Bassaly said, "It's not so much the actual construction that's hard, its dealing with the department of buildings that has become very tricky. Today, the key to completing a project on time is having the right architect and right expediter behind you when dealing with the DOB." After completing all their inspection signoffs in late 2009, the Bassaly's had to wait four months for the building department to issue a certificate of occupancy. A certificate of occupancy or C of O for short is the Department of Buildings' official approval of a building stating that a building may legal be occupied by tenants. At a time when hundreds of units sit vacant in a depressed market, Tri-Bassco, Inc. able to sign contracts on all 13 units within four months. "We're very lucky to have been able to sell out so quickly and at the prices we were asking. Buildings two blocks down from ours have been sitting vacant for several months," said Bassaly. Tri-Bassco was able to command prices in the $550/sqft range because of the location of the building and its unique look. They used a cast stone block to give the building a modern edgier look that most of the building in queens. The Bassaly's also spent extra on bathroom and kitchen finishes to lure buyers into the building. "In a depressed market, you really have to spend money on higher end finishes to differentiate your product from everything else that is out there, I think its one of they key reasons we were so successful at selling out so quickly," said Bassaly. Tri-Bassco's next project in a 23-unit condominium building located in the Bayside neighborhood. Groundbreaking on the lot is scheduled for July and is expected to be completed in 20 months. Located on two blocks from the Bayside LIRR station, the building will have 23 - one-bedroom and two-bedroom units, 13 parking spots and a private gym. The majority of design and planning involved in Tri-Bassco's projects are handled by its principal, Djalil Bassaly. Bassaly is a 30-year veteran of the construction and development industry and has a master's degree in architecture. According to the senior Bassaly, "The key to our success has been our ability to maximize the use of land by designing buildings with efficient layouts and reducing dead space. For example, on this project, we've already gone through 30 different iterations of the typical floor plan. Once you start building, changing layouts will only cause delays and increase costs, so we go through every possible layout before the project starts." Tri-Bassco, Inc. also acts as the general contractor for all their projects. Their first project was a series of single-family homes located in Great Neck built in 1980. Since then, they have developed over 30 different properties located all over Queens and Long Island. The company's most notable development was the Queens Regency Condominium in Rego Park. Built in 1992, the 80-unit condominium was one of the first condominiums built in Queens as the time. Andy Bassaly joined the company in 2004 after spending to years at Citi Habitats as a residential broker. Now, Andy spends the majority of the time sourcing deals and looking for potential investors.