Tag Archives: Queens real estate

New mixed-use LIC building at Vernon Boulevard partially revealed


| lguerre@queenscourier.com

THE COURIER/Photos by Liam La Guerre

Construction work has already begun for a new mixed-use building at the corner of 50th Avenue and Vernon Boulevard in Long Island City, but now there’s a slightly clearer picture of what the structure will look like.

IMG953832

Blueprints of the forthcoming building at 49-18 Vernon Blvd. have been posted on the construction fence.

Based on its blueprints, the OAPD Architecture-designed building’s façade will be comprised of a glass and stone design, and there will be ground-floor retail at the property.

The new building will be a five-story, 15-unit residential structure, according to filings with the Department of Buildings. About 4,450 square feet has been set aside for the retail component in the building.

Photo courtesy of Scott Bintner/PropertyShark

49-18 Vernon Blvd. Photo courtesy of Scott Bintner/PropertyShark

RECOMMENDED STORIES 

City Council passes Astoria Cove development project


| lguerre@queenscourier.com

Rendering courtesy of STUDIO V Architecture

The City Council voted overwhelmingly to approve the Astoria Cove mega development on Tuesday, clearing the way for the major land use project.

The project now goes to Mayor Bill de Blasio for his likely approval. He has already praised the project after concessions were made by the developer to boost the amount of affordable housing included. He has five days to either sign or veto the measure.

Earlier in the month, Astoria Cove developers delayed the City Council Land Use Committee vote to strike a last-minute deal with elected officials concerned about having enough affordable housing in order to win committee support for the project.

Now more than 460 units of the 1,723 total apartments throughout the 2.2-million-square-foot project on the Astoria waterfront will be affordable housing.

Developers also agreed to hire union labor for construction and building maintenance jobs associated with the project, and commit to building a ferry dock.

“This agreement shows what we can achieve when the private and public sectors work together,” Astoria Councilman Costa Constantinides said. “This agreement provides real benefits to the neighborhood and will help further link our booming communities along the East River.”

Astoria Cove will consist of five buildings, three on the waterfront ranging from 26 to 32 stories and two on the upland portion of the site, including a six-story residential building.

The project, which is anticipated to take more than 10 years to complete in four different phases, will also include about 84,000 square feet of publicly accessible open space, a school and some retail.

RECOMMENDED STORIES 

Large day care center coming to Arris Lofts in LIC


| lguerre@queenscourier.com

THE COURIER/Photo by Liam La Guerre 

In the latest sign that Long Island City is becoming more and more family friendly, a new day care center will be moving into luxury condo building Arris Lofts, according to multiple sources.

The new day care center will fill 17,000 square feet of vacant space in the ground floor of the building at 27-28 Thomson Ave., which has about 237 residential units throughout eight floors. Sources confirmed the day care center signing, but couldn’t provide further details at this time about the lease or when the business plans to open.

The Long Island City area has seen an influx of residential development over the past few years, which has brought many families into the area, causing a need for facilities, such as day care centers, according to real estate experts in the neighborhood.

Within the past five years, there have been more than 4,000 residential units added to the area, said real estate firm Modern Spaces CEO Eric Benaim, and there are plans for about 10,000 more in the next five years.

“I think a day care center is much needed in that part of town,” Benaim said. “There are day care centers on the waterfront, but having one to serve the Court Square area is really good.”

RECOMMENDED STORIES 

Broker of the Week: Susanna Hof, Terrace Sotheby’s International Realty


| lguerre@queenscourier.com

Photo courtesy of Susanna Hof

Susanna Hof and her husband Rob are owners and lead brokers of Terrace Sotheby’s International Realty. Hof has deep roots in Forest Hills, where real estate has been part of her family for generations. She is actively involved in neighborhood organizations, working to improve and preserve those qualities that make Forest Hills a unique community within an urban metropolis. Hof recently spoke to Real Estate Editor Liam La Guerre about the residential market in Forest Hills.  

La Guerre: Why should people move to Forest Hills?

Hof: People who know Forest Hills would agree that it’s very unique. It’s in New York City and it takes only 13 minutes to get to midtown Manhattan from Forest Hills, but it has the look of the suburbs.

La Guerre: What makes it appealing?

Hof: Here in Forest Hills, you honestly get more bang for your buck. It has a very lively atmosphere with many great restaurants and the West Side Tennis Club. How many places can you live this close to Manhattan and have a country club with a junior Olympic-sized pool? Throughout the whole community, there are little parks that are often filled with children playing. We also have Forest Park, where there is horseback riding, a golf course, playgrounds, and jogging paths and bike paths. It’s quite an astounding number of factors that people are looking for.

La Guerre: Has the Forest Hills Tennis Stadium, which recently started playing concerts again, added value to neighborhood?

Hof: I think the concerts have been working out really well. They are bringing people here so that they see the community, but it’s adding an element of hip to the area. If you add this hip element to it, mixed with good restaurants and fun places to go, it kind of becomes something for everybody.

La Guerre: What are the residential prices like compared to other areas in the city?

Hof: Here prices have risen significantly in the past three years. We found this year that houses selling under the $2 million point have multiple offers the first week.

La Guerre: In terms of Queens, the borough is selling at a slower pace than last year. From your experience has it been the same in Forest Hills?

Hof: No, definitely hotter. Things are selling very quickly. Over the $2 million point things are a little tougher, but under $2 million things are just flying off the shelves. It’s the price point that people can afford. What used to be a year ago $1.1 million is now definitely a strong $1.5 million. And what was $1.5 million is now $1.9 million, because of the increase over the year.

La Guerre: How diverse is the residential market in Forest Hills?

Hof: Forest Hills is a very diverse community. It was founded to be diverse, and in that sense there are all different size houses. There are smaller townhouses, there are medium-sized detached houses, and there are larger, more estate-like properties, and there are condos around the gardens in Forest Hills and newer ones being built in the neighborhood. There are also co-ops and rental buildings.

La Guerre: With the recent completion of luxury condo building The Aston, do you think developers are noticing Forest Hills?

Hof: I think they are looking at where we are — 13 minutes from Manhattan — [and] the cost of real estate in the city, so they are seeing this as very desirable living situation for people who are looking to go into the city but want to live outside the city.

La Guerre: How do you see Forest Hills transforming in the future?

Hof: Homes in Forest Hills Gardens have strict architectural standards. You can’t tear down those houses. People can’t come in and take down an old Tudor. It just can’t happen and it won’t happen. In terms of Queens Boulevard, there was a change in zoning upping the stories. And those older, lower story buildings will probably be taken down and things like The Aston will replace them. In terms of Austin Street, it would be nice if that could be upgraded. Hopefully with a new interest in this direction that would improve the area.

RECOMMENDED STORIES

LIC Clock Tower and vacant site sell for $77M


| lguerre@queenscourier.com

Photo courtesy of Scott Bintner/PropertyShark

Those looking to preserve the Long Island City Clock Tower may be running out of time.

Queens Plaza Park Development LLC bought the tower, which was the former Bank of Manhattan building, and an adjoining vacant site for a combined $77 million, according to property records filed with the city on Saturday.

Community members are hoping to landmark the building on 29-27 Queens Plaza North to avoid its development, according to recently published reports, after LIC Clock Tower LLC bought the tower in May for $15 million, city records show.

In just a few months, the price of the tower doubled and sold for $30.9 million. The buyer also purchased the vacant land at 29-37 41st Ave. for $46.3 million.

The vacant site has more than 205,000 buildable square feet. Queens-based developer Steve Cheung purchased the vacant site for $8 million in 2011, city records show, and last year he filed with the Department of Buildings for a 30-story residential tower with 242 units at the vacant site.

Plans for the Clock Tower site have yet to be filed with the Buildings Department.

RECOMMENDED STORIES

Construction progressing on boxy mixed-use building on Jackson Avenue


| lguerre@queenscourier.com

THE COURIER/Photos by Liam La Guerre, renderings courtesy of ODA

Not long ago, foundation work was completed for a 11-story mixed-use residential and retail building in Long Island City.

Now construction work is moving on the ODA-designed project, and the lower levels of the 22-22 Jackson Ave. building are starting to take shape.

A construction poster at the site says the building is due to be completed by the summer of 2015.

The building, which is directly across from the crumbling 5Pointz site and MoMA PS1, will have more than 5,500 square feet of retail space and 175 rental units, according to filings with the Buildings Department.

It will feature an exposed concrete façade, a two-story lobby with lounge and library spaces, a gym, an indoor pool and a roof deck, according to ODA’s website.


RECOMMENDED STORIES 

Inside St. John’s Hospital’s transformation into Queens Pointe development


| lguerre@queenscourier.com

THE COURIER/Photos by Liam La Guerre

After about a year of construction, the former St. John’s Hospital in Elmhurst is beginning to look more and more like the new Queens Pointe residential and retail destination it will become.

The hospital, which closed in 2009, was acquired by a group of Asian-based investors for more than $50 million late last year, according to property records and published reports. Since that time, construction has been taking place to transform the 90-08 Queens Blvd. site’s interior space.

The seven-story building will have about 150 luxury rental apartments and a penthouse level with six units on the top four floors, while the basement, first and second floors will be used for a mix of community facility space and retail.

Construction on most of the apartments is almost complete and appliances have already been brought into some of the units.

The penthouse level features apartments with nearly 16-foot ceilings and views of the Manhattan skyline, as well as the Queens Center and Queens Place malls, which are across Queens Boulevard.

Marketing for the residential side of the building will begin early next year, according to a representative of Winick Realty Group, which is handling sales in Queens Pointe.

Marketing for the first floor and basement level, which are about 64,000 square feet combined, started months ago and received interest from various companies, including a gym, a supermarket and a clothing retailer. But the first floor and basement still have much interior construction remaining.

Representatives are negotiating with a school and a senior center to occupy part of the second floor. Construction on the second floor is partially complete, with new flooring, paint, ceiling tiles and lighting.

The development also includes a 250-spot parking garage across the street at 87-28 58th Ave., which will be available to retail customers and residents. Currently the parking facility has fading paint and graffiti, but there are plans to renovate the garage as well.

RECOMMENDED STORIES

See it: Luxury LIC condos with near $3M price tags


| lguerre@queenscourier.com

Photos and renderings courtesy of Modern Spaces

Modern Spaces is marketing multiple condos in Long Island City near the $3 million mark. The high luxury listings reflect surging prices in the neighborhood, according to Eric Benaim, CEO and founder of the real estate firm.


“The luxury market is really starting to pick up as the prices in Manhattan are just skyrocketing,” Benaim said.

Modern Spaces is marketing a condo at Arris Loft on Thomson Avenue for $2.99 million. The unit boasts three bedrooms and three bathrooms throughout 2,339 square feet. It also features 16-foot ceilings and about 3,000-square-feet in private terraces.

The real estate firm is also handling the sale of a condo at The View on the Long Island City waterfront, which will go on the market soon for $2.89 million. The unit has three bedrooms and three bathrooms throughout 1,653 square feet.

Another one of its units is a duplex condominium at 5-41 47th Rd., which is asking $2.5 million.

The unit will have three bedrooms, a den that can be converted to a fourth bedroom, two-and-a-half bathrooms, and a 1,100-square-foot yard.

The 2,040-square-foot space is currently under construction and will be completed in about two weeks, according to Modern Spaces.


RECOMMENDED STORIES 

Luxury penthouse building planned for Jamaica Estates


| lguerre@queenscourier.com

Rendering courtesy of TCX Development

A new luxury penthouse building is coming to Jamaica Estates, further suggesting a change in investors’ attitudes toward the emerging market around the neighborhood.

Great Neck-based TCX Development is constructing the building, which will be located at 177-30 Wexford Terrace, a block away from the F train.

The group is also behind a seven-story rental building with a penthouse, which is being constructed at nearby 190-11 Hillside Ave.

The Wexford Terrace building will feature a rooftop terrace on top of eight stories with studios and one- and two-bedroom apartments. The exterior of the building will boast black brick and white panels.

There will be 68 total apartments, a 9,500-square-foot community facility space for residents and 47 parking spaces.

Prices at the residence building will start at $1,550 per month for studios, $1,750 for one-bedroom apartments and $2,200 for two-bedrooms, according to a representative from the firm.

The top two floors will have 10 penthouse units, which will start at $2,600.

RECOMMENDED STORIES 

New luxury condo building The Aston half sold in just one month


| lguerre@queenscourier.com

Photo courtesy of The Marketing Directors 

The new Forest Hills luxury building, The Aston, has sold nearly half of its units after opening sales just four weeks ago, says the company handling sales in the building.

The 17-story, 97-unit building, which is located at 108-20 71st Ave., was created by Cord Meyer Development, and The Marketing Directors is handling the sale.

Prices begin at $580,000 for a one-bedroom, $890,000 for a two-bedroom, and $1.39 million for a three-bedroom, according to a representative.

“We are proud of the sales we have achieved at The Aston in such a short period of time,” said Jacqueline Urgo, president of The Marketing Directors. “Additionally, the quick sales pace at The Aston indicates the strong demand for quality product in the area.”

All units in The Aston feature hardwood walnut flooring, floor-to-ceiling windows and individual washers and dryers. The building also has a 24-hour attended lobby and a private fitness center.

The building is still under construction and is expected to be completed soon.

RECOMMENDED STORIES

Nike Factory Store, Forever 21 opening at SkyView Center


| lguerre@queenscourier.com

Photo courtesy of The Shops at SkyView Center

Queens sneakerheads get ready, because Nike just did it.

The global shoe giant signed a lease for a Nike Factory Store at The Shops at SkyView Center, the Flushing mall announced Tuesday.

The 15,000-square-foot store, which will be the first of its kind in the city, is expected to open in spring of 2015.

Next spring, The Shops at SkyView Center will also add national clothing retailer Forever 21, which plans to open in a 10,093-square-foot space across from the new Nordstrom Rack, which opened a few months ago.

The Nike Factory Store and Forever 21 will join the Onex Real Estate-owned center, which already features various national retailers, including Target, Bed, Bath & Beyond, Best Buy, Marshalls and The Children’s Place, among others.

RECOMMENDED STORIES 

See it: Massive colonial home selling for $4.5M has seven bedrooms


| lguerre@queenscourier.com

Photos courtesy of Terrace Sotheby's International Realty

A humongous three-story, seven bedroom Colonial house in Forest Hills Gardens is asking $4.5 million, according to Terrace Sotheby’s International Realty, which is marketing the property.

The home, which is located at 65 Tennis Place, features four full and two half bathrooms, high ceilings, a solarium and a fireplace throughout 4,200 square feet. The property sits on a quarter of an acre of land.

There is also a large formal dining room, and a two-car garage with a guest apartment and separate kitchen and bathroom above.

Take a look at some interior photos below. Also, visit Terrace Sotheby’s website by clicking here for more information.

 

 

RECOMMENDED STORIES 

Real estate firm helps give home to Queens family


| lguerre@queenscourier.com

Photos courtesy of Urban Compass

Real estate firm Urban Compass is donating money — and time — so that a Queens family can have a home of their own.

The company has pledged $20,000 to Habitat for Humanity New York City to renovate a vacant Jamaica home, which will be purchased by a family of four from Elmhurst that was selected through the organization’s affordable homeownership program.

Urban Compass employees will also volunteer 500 hours to help construct the home at 178-25 93rd Ave. So far the team has already helped put up Sheetrock and worked on the backyard and lighting.

“The employees in the company are very community oriented and people that want to participate in society around them and help make the world better,” said Robert Reffkin, CEO and founder of Urban Compass.

The house, which is the first of many that Urban Compass plans to help Habitat NYC with, is expected to be completed in six months. The family will be able to move in May of next year.

178-25 93rd Ave.

178-25 93rd Ave.

Originally built in 1920, the home has been vacant for several years and has fallen into disrepair, according to Habitat for Humanity.

The organization bought the house for $1 from the New York City Housing Authority to be one of 13 properties around the city that will be transformed and purchased at low mortage interest rates by families through its homeownership program.

RECOMMENDED STORIES 

Report: Queens rent prices increase in October


| lguerre@queenscourier.com

Chart courtesy of  MNS Real Estate.

Prepare to pay higher rents if you want to live in Queens.

An influx of new luxury buildings in Rego Park and the continued popularity of Astoria contributed to the average price for an apartment rising to $2,097 in October, according to the Queens Rental Market Report released by MNS Real Estate.

The prices for studios, one and two-bedroom apartments represents a slight jump from September, with notable changes in rents coming from Rego Park and Astoria.

In Rego Park, the average price increased because of new luxury buildings, according to the report.

“A notable growth spurt continues to take place in Rego Park as prices bounced back after a slight downturn last month,” the report said. “Developments such as The Contour at 97-45 Queens Blvd. and more recently, The Rego Modern at 99-39 66th Ave. are leading this progression.”

Renters in Astoria paid 5.3 percent more in October than September, the report showed. Studio prices in the neighborhood jump 7.05 percent to an average of $1,772.

See the full report here.

RECOMMENDED STORIES

Real estate roundup: 1,789-unit, three-tower project planned for LIC, Astoria Cove developers to hire union labor


By Queens Courier Staff | editorial@queenscourier.com

Photo courtesy of Scott Bintner

1,789-Unit, Three-Tower Tishman Speyer Project in Long Island City

“Now, permits have been filed for the mega-development, and it’s gotten a bit bigger: 1,789 apartments will now be included across the complex, which takes up two blocks bounded by Jackson Avenue, Orchard Street, Sunnyside Yards, and Queens Boulevard.” Read more [New York YIMBY]

Astoria Cove developers agree to hire union labor

The City Council and the developers of Astoria Cove have reached a tentative agreement to hire union workers for the construction phase of the Queens waterfront residential and commercial redevelopment project.” Read more [Capital]

Progress stalled at 27-05 41st Avenue

“When we stopped by last week, we noticed that little to nothing had changed since QBS’ last visit. ETA on the “six-story, 44-unit mixed-use building with 30,041 square feet of residential space and 6,970 square feet of commercial space” was originally at the end of this year, but obviously the developers won’t reach that goal.” Read more [The Court Square Blog]

George Xu aims to bring another hotel to Flushing

“The owners of the Century Development Group Corporation applied for permits to construct a 214,000-square-foot mixed use building at 137-45 Northern Boulevard, the location of a Great Wall Supermarket.” Read more [The Real Deal]