Tag Archives: Hallets Point

Five smallest condos in Queens for sale  


| lguerre@queenscourier.com

Photos courtesy StreetEasy and Modern Spaces

Condos are becoming more popular in western Queens neighborhoods, such as Long Island City and Astoria, as developers seek to maximize profits in a market with increasing land values and high construction costs.

In an effort to keep homes prices lower, developers are building smaller condos in buildings with more amenities and common spaces.

Studio condos are naturally smaller apartments and although these homes typically don’t offer enough space for families, it could be right for individuals or first-time homebuyers.

Here is a list of the five smallest condos on the market in Queens now, which was provided by the data team at StreetEasy.com. Not surprisingly, they are all studios in western Queens, and building amenities play a big role in the prices.

1. 14-43 28th Ave., #4B, Astoria

For: $329,000
Size: 400 square feet
Broker: Azure Realty NY LLC

This studio unit in The Astorian, a five-story, 10-year-old building with 38 units, comes with a private balcony, stainless steel appliances and — here’s the best part — a fold-up Murphy bed. It is a short walk away from the N and Q train station on 30th Avenue, which is approximately a 15-minute ride to Manhattan. The building also has a rooftop common space for events and barbecues with views of the neighborhood.


2. 25-40 Shore Blvd., #7, Astoria

For: $475,000
Size: 475 square feet
Broker: Markou Living LLC

Another studio in Astoria takes second place, but this apartment is in Shore Towers — a 23-floor, 407-unit amenity-laden building near the waterfront with views of Robert F. Kennedy Bridge. The building comes with a fitness room, indoor pool, free parking, tennis courts, a 24-hour doorman, and a free shuttle bus to and from the Astoria Blvd. N and Q train station — making for a 20-minute commute to Manhattan. Not to mention, it is also close to Astoria Park. Not far away from the building, the Durst Organization is set to revitalize the area for its mega Hallets Point development, which could increase prices in the neighborhood as demand increases.


3. 11-25 45th Ave., #2H, Long Island City

For: $619,000
Size: 479 square feet
Broker: Modern Spaces

Although listed as having just 479 square feet, as a disclaimer, the actual size of this studio unit in the Hunters Point section of Long Island City, is 946 square feet when including its massive balcony. The exterior space is the key to this home’s value. The owner of this unit will have the space to host get-togethers on this large private outdoor deck. The unit is in a six-story building called One Murray Park, which has 45 units. It is located across from Murray Playground and features a fitness center, a common roof deck, a library and bike storage. There is a variety of public transit lines nearby, including the G, E, M and 7 train lines at the Court Square subway station.


4. 44-27 Purves St., #6E, Long Island City

For: $519,000
Size: 484 square feet
Broker: Blu Realty Group

There are a few buildings under construction or planned for Purves Street, a dead-end strip off Jackson Avenue, such as a 35-story, eco-friendly rental with commercial space on the ground floor. But 44-27, a 14-story building with 64 units, was built nearly a decade ago on Purves Street before Long Island City became as hot as it is now. In 2006 the 6E unit was listed for about $262,000. In a telltale sign of how hot the neighborhood is, today it’s about double the price. The unit features a 50-square-foot balcony with large windows and has a washer and dryer hook-up. The building offers a range of amenities, such as free Wi-Fi, a gym, a sauna, a children’s playroom, a bike room and a roof deck. It is near the G, E, M and 7 train lines at the Court Square subway station.


5. 5-27 51st Ave., #4H, Long Island City

For: $605,000
Size: 490 square feet
Broker: Nest Seekers

The final condo on this list comes from the newest building. Five27, a five-story, 27-unit building in Long Island City, was completed in 2012. The unit features oak wood flooring and large windows for lots of natural light, and comes with a dishwasher and washer and dryer. Building amenities include a doorman, an outdoor common terrace, bike storage, a fitness center and a lounge for relaxing or hosting parties. Living in this unit would also put the owner close to Manhattan, which is one stop away on the 7 train.

 

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Astoria Boulevard development site sold, will become new residential building


| lguerre@queenscourier.com

Photo courtesy of Modern Spaces

An Astoria development site was sold for $4.8 million and will be transformed into a residential building, according to real estate firm Modern Spaces.

The lot at 8-25 Astoria Blvd. offers up to 33,751 buildable square feet, the real estate firm said.

A Modern Spaces team of Evan Daniel, Edward DiTomasso and Alice Chan represented the buyer and seller. Daniel said the new owner has the intent to use the site for residential development.

The sale equates to about $142 per buildable square feet, which is much less than land values in nearby Long Island City.

Partly because of the lower land prices, Astoria has become a hot neighborhood for development. Not far from the site, the Hallets Point and Astoria Cove mega projects will bring about 4,000 units, and hundreds of other apartments are planned around the area.

“Northwest Astoria remains relatively undeveloped but with several major projects in the pipeline, this area contains some hidden jewels for developers both local and abroad,” said Daniel, executive vice president of the real estate firm’s commercial division. “With land values in neighboring Long Island City hovering around $250 per buildable square foot, some may actually view the price point of this property, and several around it, as a ‘bargain.’”

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Durst Organization buys final lot for Hallets Point mega project


| lguerre@queenscourier.com

Image and renderings courtesy of Lincoln Equities  

Real estate firm Durst Organization finally has ownership of the last piece of the Hallets Point property puzzle and can now move forward with the 2.5-million-square-foot project.

The company paid $15 million for the parcel of land at 1-02 26th Ave. in Astoria, according to city records. The property is needed for the $1.5 billion Queens waterfront project.

 

Last year, Durst paid $130 million to take control of the project from Lincoln Equities, according to The Real Deal.

When completed, Hallets Point will have 2,400 market-rate and affordable apartments. Together with the nearby Astoria Cove mega project, the two developments will bring about 4,000 units into the Astoria waterfront.

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First look at 13-story mixed-use development near Astoria Cove


| lguerre@queenscourier.com

Rendering courtesy of HCD Architect

Plans for a mixed-use development that would include apartments and medical offices across the street from the huge Astoria Cove project are progressing. Drawings for the project were provided to The Courier.

Ming & Garden Realty LLC, which owns the land at 26-01 4th Ave. near the Astoria waterfront, filed plans to demolish the current two-story building on the site last July, and then filed in December to construct the tall mixed-use project.

The ground floor and second floor will be used for the medical office, while the third to the 30th floors will include 118 apartments in 122,510 square feet of space, according to veteran Bayside-based architect Tim Hao of HCD Architect, who is designing the building.

Ming & Garden Realty purchased the site in 2012 for nearly $7 million, according to city records.

The site is also several blocks away from the Hallets Point mega project that the Durst Organization is working on.

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First QNS Real Estate Conference set for February


| lguerre@queenscourier.com

Real Estate Conference logo edit

The growing Queens real estate market will soon have a forum where industry leaders can gather to network and discuss opportunities across the borough.

The premier QNS Real Estate Conference will be held on Feb. 26, 2015, and will feature top real estate firms that are investing in the borough, while welcoming prospective developers, owners, architects and other industry members.

Star Network and The Queens Courier, in association with the Real Estate Board of New York (REBNY), are hosting the event, which will include a keynote address by Pat Foye, executive director of the Port Authority of New York and New Jersey. Real estate website PropertyShark and Flushing Bank are sponsoring the conference.

“This event is a great opportunity for the public to learn about the latest trends and investment information in Queens from the top people in our industry,” said Jamie McShane, REBNY senior vice president for communications. “Queens is becoming increasingly important as we have seen projects from Astoria Cove to Hallets Point, and projects at Queens Plaza South and the Long Island City waterfront, as well as Willets Point. And the members of the REBNY are very involved with a growing number of exciting projects in Queens, our largest borough and the most ethnically diverse county in America.”

The event will be at Terrace on the Park at 52-11 111th St. in Flushing at 8 a.m., beginning with breakfast and ending with three panel discussions.

The panel discussions will focus on why big investment firms are coming to Queens, the experiences of major developers already based in the borough and experts’ perspectives on the market in Ridgewood.

“The Queens market has huge opportunity, and this event will shed light on the power of it,” said Josh Schneps, co-publisher of The Courier. “This event is a perfect platform to do so for the industry. We hope people interested in the Queens market will attend and hopefully make investments in the borough.”

Click here to register for the event.

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Another Astoria waterfront warehouse for sale, likely to become condos


| lguerre@queenscourier.com

Photo courtesy of Massey Knakal

The owner of another Astoria waterfront site with potential for a large development could sell the property for four times its last selling price as the neighborhood continues its hot streak.

The property at 30-55 Vernon Blvd., which Eastone 26 Ave LLC bought for $8.2 million last year, is now up for sale again and there have been offers of around $35 million, said Stephen Preuss of real estate firm Massey Knakal, which is marketing the site.

At that price, the property would trade for nearly $230 per buildable square foot, which would rank among the top land prices in Astoria. This would mean that prospective owners would most likely focus on a residential development to cover the purchase price and maximize profits, Preuss said.

Currently, a warehouse and parking lot occupy the 37,116-square-foot site, enough to erect a structure with 140,665 buildable square feet.

If air rights from the adjacent residential properties were purchased or a rezoning occurred, the property could have up to 220,000 buildable square feet, Preuss said.

Photo courtesy of Scott Bintner/PropertyShark

30-55 Vernon Blvd. Photo courtesy of Scott Bintner/PropertyShark

Preuss imagined the best use for the site would be a mixed-use development with ground-floor retail, an office or event space on the second floor, and condos on the remaining floors.

“This area is quickly emerging, and the site holds immediate value with its waterfront location along with the benefit of several local mega-projects underway,” Preuss said.

The Astoria waterfront has been scorching hot recently with planned projects like the enormous Astoria Cove, which received the green light from the City Council last month, and the Durst Organization’s Hallets Point project.

Rendering courtesy of 2030 Astoria Developers

Astoria Cove. Rendering courtesy of 2030 Astoria Developers

In addition to those projects, construction is planned next year for a glassy 77-condo building by developer New York Lions Group not far from the waterfront.

Also, in October, developer Shibber Khan paid $57 million for a waterfront site at 11-12 30th Dr., which has 460,000 buildable square feet. It is located just a block south of the Eastone 26 Ave LLC property.

Rendering courtesy of New York Lions Group

Rendering courtesy of New York Lions Group

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Queens industrial property values are on the rise: report


| lguerre@queenscourier.com

Photo courtesy of Scott Bintner/PropertyShark

Industrial property values are going up in Queens.

The slimming inventory of industrial facilities and high demand has led to a 48 percent bump over the year in average prices for industrial properties in the borough, according to real estate services firm JLL’s third quarter market report.

The report blames the price increase on conversions of old factory buildings and sites to new uses by development companies, such as The Durst Organization’s purchase of a portfolio of three industrial properties in Hallet’s Point from Famitech Inc., which will be transformed into a sprawling residential complex.

“Developers are reducing industrial product in Queens by converting facilities to higher and better use,” the report said. “Manhattan developers are increasingly investing in Queens due to lower land costs. This has increased industrial property values in Queens.”

In addition to rising values, industrial property rents are also on the rise, according to the report.

Owners of warehouse and manufacturing sites were likely to ask an average of $13.13 per square foot for rent, based on findings from the newly released report, up from $12.23 per square foot earlier this year.

Read the full report by here.

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Real estate roundup: Residential support for Astoria Cove, Saving murals for Cornell’s Roosevelt Island tech campus


By Queens Courier Staff | editorial@queenscourier.com

Rendering courtesy of STUDIO V Architecture

NYCHA residents wants Astoria Cove

“There has been a lot of debate about this 1.7 million square-foot waterfront development. We’ve heard opinions coming from The Bronx, Brooklyn and Manhattan — but take it from neighbors who live down the street in the NYCHA Astoria Houses, one for the past 61 years and the other for 60 years: This project can help move our community in the right direction.” Read more [The New York Post]

At Future Cornell Campus, the First Step in Restoring Murals Is Finding Them

“Cornell University and its conservators faced a lot of challenges rescuing three rare 7-by-50-foot murals from the Goldwater Memorial Hospital on Roosevelt Island. The first challenge was finding two of them.” Read more [New York Times]

Douglas Durst Talks Queens, Midtown and WTC

“While the Durst Organization was known for developing Manhattan commercial spaces — Seymour Durst once said he “would never buy anything he couldn’t walk to” from his Manhattan office — Mr. Durst has become a residential developer of late, with two Manhattan rental projects nearing completion and negotiations underway to build a massive mixed-use project in Hallets Point, Queens.” Read more [Commercial Observer]

Radiology Center Opens in Long-Vacant Northern Boulevard Building

“Main Street Radiology at 72-06 Northern Blvd. opened with limited services on Oct. 6, but has since expanded its offerings — modern ultrasounds, mammograms and stress tests, according to assistant director Todd DiLeonardo.” Read more [DNAinfo]

Astoria waterfront property sells for $57M


| lguerre@queenscourier.com

Photo courtesy of Scott Bintner/PropertyShark 

Astoria’s waterfront may get even more crowded.

Real estate investor and developer Shibber Khan bought a plot of land at 11-12 30th Dr., which has up to 460,000 buildable square feet, for $57 million, according to a published report. Vernon Realty Associates is the seller.

Currently, a one-story warehouse occupied by Bohea Associates sits on the land, but the property can have residential buildings of up to 10 stories, Crain’s reported.

The sale comes as a team of developers led by Alma Realty is trying to get approvals from the city for its Astoria Cove project and the Durst Organization paid $100 million to take over the Hallets Point development.

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Real estate roundup: Inside the Hallets Point deal, what’s with the new structure on Parsons Boulevard?


By Queens Courier Staff | editorial@queenscourier.com

Photo courtesy of Lincoln Equities Group, LLC

Anatomy of a deal: Inside Durst’s complex Hallets Point play

The Durst Organization is projected to spend about $130 million to acquire three parcels where it plans to build a massive $1.5 billion residential and commercial development known as Hallets Point in Western Queens, several sources told The Real Deal.” Read more [The Real Deal]

What’s it going to be?

“This construction site, 75-43 Parsons Boulevard is owned by Great Neck-based developer Mayflower Enterprise LLC. It posted two renderings on the construction wall. One shows a beautiful brick structure with a church bell tower on the corner. The yellowish rendering to the left, however, shows a boring two-story commercial structure without any architectural flair.” Read more [Queens Crap]

Brainstorm About the Future of Diversity Plaza in ‘Visioning Session’

“Officials are hosting a visioning session to discuss the future of Diversity Plaza. The Department of Transportation is set to host the meeting on Saturday, Oct. 18 at P.S. 69 at 77-02 37th Ave., starting at 2 p.m.” Read more [DNAinfo]

Real estate roundup: Hallets Point holdout, subway cell phone service expanding to Queens stations


| lguerre@queenscourier.com

Photo courtesy of the Durst Organization

Hallets Point holdout throws wrinkle in $1.5B Durst project

“A real estate investor that owns the last of three pieces that the Durst Organization needs to develop a $1.5 billion project in Astoria known as Hallets Point is holding out beyond the original September closing date, casting a shadow of uncertainty over the megaproject.” Read more [The Real Deal]

New York Subway Cell Service to Grow

“New York City subway riders will be able to use their phones and other devices for the first time in that outer borough along with more underground stations in Manhattan, under a rollout of additional wireless Internet and cellular service expected to be unveiled on Thursday.” Read more [The Wall Street Journal]

Planned Parenthood will break ground on its first Queens health center

“Planned Parenthood will break ground on its first Queens outpost Thursday, officials said. The 14,000-square-foot facility in Long Island City will offer testing and treatment for sexually transmitted infections, as well as pregnancy tests and abortions.” Read more [The New York Daily News]

Real estate roundup: Alternate Silvercup expansion renderings, city approves shaming landlords, Court Square permits filed


By Queens Courier Staff | editorial@queenscourier.com

Rendering courtesy of LEESER Architecture

Imagine LIC’s Skyline with this Whimsical Silvercup Addition

The expansion of Long Island City’s Silvercup Studios to include Silvercup West, a mixed-use extension of the famed production studio, hasn’t been a dormant project after all; in fact, LEESER Architecture has been busy creating a plan as an alternate to the originally-proposed Richard Rogers design. Read more [Curbed]

Permits filed for two towers in Court Square

The first permits are up for yet another Court Square tower, this one coming to 27-19 44th Drive. Coincidentally, permits were filed for a 26-story tower right next door yesterday, and the buildings will actually be the same height, with both standing 282 feet tall. Read more [New York YIMBY]

NYC’s Queens to get 2,404 Apartments in Durst Project

Rendering courtesy of Durst Organization

Rendering courtesy of Durst Organization

A partnership including Durst Organization plans to build 2,404 apartments on the East River waterfront in the Astoria section of Queens, New York. Douglas Durst’s company said it will invest $1.5 billion in a 2.5 million square-foot (232,000-square-meter) residential and retail development on Hallets Point, a peninsula just southwest of the Robert F. Kennedy Bridge, according to an e-mailed statement. Read more [Bloomberg]

City to publicly shame harassing landlords

New York City officials will publicly post the names of landlords found to have harassed tenants, hoping the public shaming will be a deterrent. The mayor signed a bill on Tuesday that will require the city’s Department of Housing Preservation and Development to post on its website the names of landlords found in housing court to have harassed tenants. Read more [New York Times] 

City Council OKs Hallets Point development


| aaltamirano@queenscourier.com

File Photo

The development that would bring thousands of residential apartments, retail space and parkland to the Astoria waterfront at Hallets Point has gotten the final thumbs up.

The City Council voted on Wednesday, October 9 to approve the plan presented by Lincoln Equities Group, the company behind the estimated $1 billion complex called the Hallets Point project.

According to Councilmember Peter Vallone Jr., the City Council came to an agreement with developers to cut the “community supportive project” down to half its original size.

The new deal also includes $500,000 in city funded research to see the feasibility, engineering and design of a proposed ferry service in order to take the large number of incoming residents to and from the peninsula of Hallets Point.

“It’s going to bring development to an area that sorely needs it,” said Vallone.

The development group initially announced in 2012 it would build the seven multifamily residential towers made up of 2,200 units on the waterfront presently home to the NYCHA Astoria Houses.

Twenty percent of the apartments are expected to be affordable housing. The complex will also include retail space featuring an affordable supermarket, a bank, drugstores and restaurants.

Along with the building, the plan is expected to include a 100,000-square-foot public park, outfitted with pedestrian walkways and bike paths winding along the waterfront, giving the community better sight lines of the waterfront. The project will also create a spot for a K-8 public school.

In May, Community Board 1 voted unanimously to approve the plan. The City Planning Commission unanimously approved the plan in August and in July Borough President Helen Marshall approved the plan as well.

Construction is expected to begin in late 2014 or early 2015.

 

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City Planning Commission OKs Hallets Point development


| aaltamirano@queenscourier.com

File Photo

Thousands of residential apartments, retail space and parkland are one step closer to coming to the Astoria waterfront at Hallets Point, home to the NYCHA Astoria Houses.

On Wednesday, August 21 the City Planning Commission voted unanimously to approve the plan presented by Lincoln Equities Group, the company behind the estimated billion-dollar complex called the Hallets Point project.

In 2012, the development group announced it would build seven multifamily residential towers consisting of 2,200 units. Twenty percent of the apartments will be affordable housing. The location will also include retail space featuring supermarkets, drugstores and restaurants.

A 100,000-square-foot public park, outfitted with pedestrian walkways and bike paths, winding along the waterfront, is also expected to be included.

Robert Schenkel, Lincoln Equities development director previously said the project would bring a positive change to Hallets Points, bringing new housing, an affordable supermarket, a spot for a K-8 public school and a landscaped waterfront path.

The plan will now go before the City Council.

If the plan is approved, construction is expected to begin in late 2014 or early 2015.

 

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Board approves Hallets Point development


| aaltamirano@queenscourier.com

Photo courtesy of Lincoln Equities Group

Hallets Point, home to the NYCHA Astoria Houses on the Astoria waterfront, is one step closer to getting thousands of residential apartments, retail space and parkland.

On Tuesday, Community Board 1 voted unanimously to approve the plan by Lincoln Equities Group to bring 11 buildings to the area. The developer is applying for zoning changes in order to continue with the project and will still need approval from other government agencies.

If the plan is approved, the development would include 2,000 apartments, with construction to begin in late 2014 or early 2015. Twenty percent of the apartments will be affordable housing.

Robert Schenkel, Lincoln Equities development director, said the project would bring a positive change for Hallets Point, as it brings new housing, an affordable supermarket, retail, a spot for a K-8 public school and a landscaped waterfront path.

 

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