Tag Archives: real estate’

Elmhurst apartment building sells for $21 million


| lguerre@queenscourier.com

Photo courtesy of Massey Knakal

A 103-unit apartment building in Elmhurst sold for $21 million, according to real estate company Massey Knakal, which announced the sale on Thursday.

The six-story building, which is 89,000 square-feet and has 21 indoor parking spaces, is located on the corner of 80th Street and 45th Avenue.

The sale breaks down to approximately $203,883 per unit and $236 per square foot. There are 18 studios, 42 one-bedroom apartments and 43 two-bedroom units in the building. 

Massey Knakal said that the property is ideal for condominium conversion.

 

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Report shows size of LIC homes shrinking, prices rising


| lguerre@queenscourier.com

Chart courtesy Modern Spaces

Long Island City home sizes are shrinking, but the prices are not.

A report by residential brokerage firm Modern Spaces shows that while the average square footage of apartments of new developments are decreasing in the burgeoning neighborhood, the average price per square foot is rising.

In LIC, the average apartment size in new developments has decreased 41 percent from Q1 2013 to just 828 square feet by the first half of 2014. But during that same period, the average price per square foot of homes in the neighborhood has risen 23 percent from $768 to $944.

Despite the rising prices, Eric Benaim, founder and CEO of Modern Spaces, said the decreasing sizes are actually helping to keep prices from skyrocketing in the community.

“Demand for new homes is very high in Long Island City and Astoria and we are seeing an increased number of developments in both areas,” Benaim said. “In Long Island City, developers are building more efficiently-sized residences, helping to keep overall home prices down. This trend is helping to differentiate Long Island City from the rest of the New York market. People can buy beautiful new homes in a prime location with incredible amenities without over-the-top home prices.”

The report also found the trend of rising prices in Astoria. Average price per square foot for new homes jumped to $820 per square feet by the first half of 2014, up 32 percent from Q1 2013, when it was $619.

 

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Rendering for Long Island City office building conversion released


| lguerre@queenscourier.com

Rendering courtesy Avinash K Malhotra


Meadow Partners released a rendering of its conversion of a Long Island City building on 42-15 Crescent St., which is set to be completed next year.

The building, which is being designed by Avinash K Malhotra Architects, was an office and retail structure that was bought by Meadow in December 2012 for $19 million, according to the Commercial Observer.

The structure will expand from its current nine stories to 11, according to Department of Buildings filings, and is expected to include 124 residential units and retail space on the ground floor.

 

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Rendering posted of new 15-story Flushing building


| lguerre@queenscourier.com

THE COURIER/Photos by Liam La Guerre


Developers planning to build on 36-16 Main St. posted the rendering of a new building that’ll soon make its mark in the ever-growing downtown Flushing skyline.

The new building, which is being designed by JWC Architects Engineer DPC, will be a 15-story residential development, according to Department of Buildings records.

The structure, which will be located near the intersection of Northern Boulevard and Main Street, has an anticipated completion date for 2018.

 

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City accepting proposals to develop 200-unit building on Flushing parking lot


| lguerre@queenscourier.com

THE COURIER/Photo by Liam La Guerre


The city is asking for proposals to build a mixed-use, mixed-income building with 200 apartments in a municipal parking lot in Flushing.

Flushing Municipal Lot 3, located adjacent to the LIRR Flushing station on 41st Avenue and Main Street, has about 156 parking spots and is operated by the Department of Transportation.

The Department of Housing Preservation and Development (HPD) is accepting proposals for the 43,200-square-foot lot to help address Mayor Bill de Blasio’s 10-year housing plan to create 200,000 affordable housing units in the city. Although the proposals will target housing, all proposals must produce a plan to replace the 156 parking spots currently on the lot.

Community Board 7, which includes Flushing, has about 250,100 people, making it the most populous district in the city.

The HPD said the proposals must have 50 percent of the 200 new apartments as two-bedroom apartments or at least 40 percent with family-sized rooms.

 

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Woodhaven apartment building sold above asking price


| ejankiewicz@queenscourier.com

THE COURIER/Photo by Eric Jankiewicz

A Woodhaven apartment building recently sold for $5 million, according to the realty service that sold the apartment Massey Knakal.

Located on 87th Street, just a block away from the J train, the realty company said that the building sold for more then it expected to get because most of the neighborhood is made up of single-family homes.

The building is a 35-unit, four-story walk-up building and it contains approximately 28,100 square feet and sits on a 100’ x 100’ lot.

There are two studios, 29 one -bedroom apartments, three two-bedroom apartments and one three-bedroom apartment.

 

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Renderings released for 50-story LIC development


| aaltamirano@queenscourier.com

Renderings Courtesy of SLCE Architects

The sky’s the limit for real estate in Long Island City.

Rockrose Development Corporation has released renderings for its newest 50-story development coming to the western Queens neighborhood at 43-25 Hunter St.

Permits for the project were partially approved on June 27, according to records from the city’s Department of Buildings. As of yet, no start date has been released.

The 970,000-square-foot tower will be made up of 19,000 square feet of ground floor retail space and 974 apartments, of which 20 percent will be affordable units.

According to published reports, the development will also include a 14-story building adjacent to the 50-story tower.


Rendering of the 14-story building adjacent to the 50-story tower

There will be 18,000 square feet of interior amenity space and three large rooftop terraces. Amenities include a fitness center, basketball court, billiard room, rooftop solarium and great lawn, yoga studio, zen garden, screening room, library, children’s playroom, and a 38th floor rooftop terrace and lounge.

The building, designed by SLCE Architects, will be one of the tallest in Long Island City, according to published reports. Nearby in Astoria, 42-12 28th St. by developer Heatherwood Communities beats 43-25 Hunter St. with a total of 58 stories in height.

 

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New eco-friendly The Pearson Court Square in LIC starts to lease


| aaltamirano@queenscourier.com

Images Courtesy of Pete Thompson

Long Island City real estate is heating up this summer with another rental building hitting the market.

The Pearson Court Square, located at 45-50 Pearson St., has begun leasing its 197 units. The 14-story building offers studio to two-bedroom apartments.

Douglas Elliman Development Marketing is exclusively handling the marketing and leasing. The Pearson Court Square was transformed by L +M Development from a vacant lot into a state-of-the-art building, designed by architecture firm SLCE.

“Long Island City is exploding with luxury new developments and The Pearson Court Square is a prime example of the strength of the market,” said Cliff Finn, executive vice president at Douglas Elliman Development Marketing. “We are excited to be launching such an innovative development.”

Each residence at The Pearson Court Square features high ceilings, double-pane oversized windows, individually controlled heating and cooling, modern kitchens with stainless steel appliances, and stylish bathrooms. Private terraces are also available in select residences.

Other amenities include a 24-hour attended lobby, an outdoor basketball court, a bocce court, fitness center, and yoga studio. There is also access to a landscaped terrace on the second and tenth floors, and a roof deck with dining lounges and barbecue grills.

“We are thrilled to bring his exciting, condo-property to Long Island City,” said David Dishy, president of development and acquisition at L + M Development. “The Pearson Court Square will offer an incredible slate of top-quality amenities and bright, well-appointed apartments that we hope will provide residents a warm and inviting place to call home.”

In a commitment to sustainable design, three rooftop wind turbines were installed to help with a portion of the building’s energy generation, while also adding to the building’s exterior look.

The Pearson Court Square is steps away from the Court Square subway station with access to the E, M, R, 7 and G lines.

 

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$24M asking price for Elmhurst lot near Queens Center


| aaltamirano@queenscourier.com


An Elmhurst lot, located across the street from the Queens Place mall, has been put up for sale for $24 million, according to real estate company Massey Knakal.

The 47,365-square-foot lot, located at 88-18 Justice Ave., is one block off of Queens Boulevard and adjacent to the Georgia Diner.

According to the listing provided by Massey Knakal, there is a Restrictive Declaration on the property allowing it to be developed “per existing approved plans,” though these could not be confirmed. The lot can also be used for residential and/or community facility development, but would require termination of the Restrictive Declaration. The property has 227,352-square-feet of development rights.

The lot is located close to Queens Center mall and a block from the M and R train lines at Grand Avenue. It is also near all the major highways.

 

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Queens’ Morning Roundup


| ctumola@queenscourier.com

morning roundup

TODAY’S FORECAST

Friday: Sunny to partly cloudy. High 19. Winds WNW at 10 to 15 mph. Friday night: Partly cloudy this evening with more clouds for overnight. Low around 15. Winds SW at 10 to 20 mph.

EVENT OF THE DAY: Alex Blake Quartet

Blake is a modern bass virtuoso recognized for his mastery of the classical upright bass and the electric bass. From classical fingering and guitar-like strumming of intricate melodic patterns to resounding slapping and vibrant staccatos, he produces a full range of harmonies and rhythms. Starts at 8 p.m. at Flushing Town Hall, 137-35 Northern Blvd., www.flushingtownhall.org.

Stable real estate prices hide big changes in many city neighborhoods

It felt like 2013 was a crazy year for real estate, with the flood of all-cash buyers, Billionaire’s Row on 57th St., shrinking inventory and skyrocketing prices. Read more: New York Daily News

$24 General Admission Price Set for NY 9/11 Museum

Adults who visit the Sept. 11 museum at the World Trade Center will be charged $24. Read more: NBC New York

Computer glitch halts Metro-North trains for nearly 2 hours

A computer glitch suspended Metro-North service systemwide on the Hudson, Harlem and New Haven lines Thursday night, leaving all trains stranded for nearly two hours. Read more: CBS New York

Gillibrand pushes for paid family and medical leave for nominal cost to workers

Sen. Kirsten Gillibrand has introduced legislation that would provide paid family and medical leave. Read more: CBS New York/AP

NYC’s top cop Bill Bratton joins Twitter

Top NYPD cop Bill Bratton sent his first tweet Thursday from @CommissBratton embracing social media — something his predecessor Ray Kelly shied away from. Read more: New York Post

Linc LIC officially opens


| editorial@queenscourier.com

THE COURIER/Photo by Allen Ngai / Below photos courtesy of Rockrose Development Corp.

Linc LIC is bringing luxury living to residents of Long Island City.

Rockrose Development Corp., a family-owned and operated real estate company, gathered on November 25 with local elected officials, community leaders and residents to celebrate the official grand opening of the residential rental complex known as Linc LIC, located at 43-10 Crescent Street.

“Our goal is to enrich the vibrant core of the growing Long Island City residential community,” said Justin Elghanayan, president of Rockrose Development Corp. “I believe that Linc LIC, by virtue of its top-level design standards and its exceptionally convenient access to Manhattan, is one of the best places to live in all of New York City.”

The 42-story pet-friendly building features 709 apartments, ranging from 450-square-foot studios to 1,400-square-foot three bedrooms.

Linc LIC’s “signature centerpiece” is the 31st floor’s duplex lounge which opens onto a landscaped lawn with a view of the Manhattan skyline. The other rooftop amenities include barbecue grills, misting sprays, a gazebo, and a separate outdoor “Resident Parc” for reading and meditation.

The apartments feature oversized windows, granite-clad kitchens, stainless steel appliances and elegant baths. Most have balconies, in-unit washers and dryers, and floor-to-ceiling windows.

In addition, the luxury building features a second lounge and furnished screening room, each with full kitchens, a children’s playroom, on-site parking, a bike room, basketball and squash courts, and a 5,650-square-foot fitness center with state-of-the-art equipment. The retail space on the ground floor will also house a brand new Food Cellar supermarket.

Linc LIC was designed by Avinash K. Malhotra Architects, with interiors by Moed de Armas & Shannon, and exterior work from landscape architect Matthews Nielson.

 

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Rockrose’s Linc LIC offers a taste of luxury


| editorial@queenscourier.com

Photo courtesy the Rockrose Development Corporation

JOHANN HAMILTON 

The Rockrose Development Corporation is bringing luxury to Long Island City with the first building in a brand new residential complex that offers breathtaking views of the Manhattan skyline and a world full of unique amenities.

Rockrose is a real estate developer headquartered in Manhattan. It develops residential and commercial sites all over New York City, and covers every step of the development process. This includes not only ground-up planning, but also the locating, designing, construction and management of sites. Rockrose is involved from a project’s conception to the finished product, and also stays on to continue management of the finished project.

Rockrose’s latest project is a new residential complex in Court Square in Long Island City, which is sure to add more character to an area already brimming with culture.

“A lot of our construction activity right now is in Queens and Long Island City, and we’ve always been a pioneer of new neighborhoods,” said Paul Januszewski, Vice President of Planning and Government Relations. “For example, we were among the first to start building luxury buildings in the West Village, and we were also one of the first to start building residential buildings in Lower Manhattan. We own buildings in Battery Park City, The Archive in West Village, and we were also the first developers over on the waterfront in Long Island City. Right now we’re focused on Court Square.”

The first building in the new complex is called Linc LIC, a 42-story tower with 709 luxury apartments. Located at 43-10 Crescent Street, Linc LIC is within walking distance of seven subway lines, and also features views of the East River, the surrounding neighborhood, and the iconic New York City skyline.

Of the 709 available units, 174 are studios, 392 are one-bedroom, 120 are two-bedroom, and 23 are three-bedroom apartments. Many of the apartments have balconies, and the parking garage has 175 available spaces.

“This is an area of proven and untapped value,” said Justin Elghanayan, president of the Rockrose Development Corporation. “We are adding qualitatively and quantitatively to the vibrant core of the growing Long Island City residential community. These distinctive and attractive new homes will also offer exceptionally convenient access to Manhattan, literally a five-minute subway ride away.”

In addition to the residencies, Linc LIC also offers a fitness center, basketball and squash courts, tenant lounges, roof deck, a Wi-Fi lounge and screening room, residential park and a children’s playroom.

Linc LIC was designed by Avinash K. Malhorta Architects, with interiors by Moed de Armas Shannon. Rockrose Development Corp is headquartered at 666 5th Avenue in Manhattan, and for more information on Linc LIC visit www.linclic.com.

 

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Carpet and flooring distributor relocates to 8,000-square-foot space in Jamaica


| editorial@queenscourier.com


LET’s International, a carpet and flooring distributor and installer, is relocating from Greenpoint, Brooklyn to an 8,000-square-foot space in Jamaica, Queens.

The one-story-building, at 110-60 Dunkirk Street, is located just off Liberty Avenue, and is easily accessible to Manhattan and Long Island via the Van Wyck and Long Island Expressways, Belt and Grand Central Parkway, said representatives from Kalmon Dolgin Affiliates, the company who arranged the lease.

 

Upgrades that can help a home sell at last


| Brandpoint@queenscourier.com

home

Everyone knows spring and summer are the best months in which to sell a home. If your house has lingered on the market, you may be eager to find ways to freshen its appeal for potential buyers. Perhaps you’re even ready to go big and invest in upgrades that will improve the home’s value, curb appeal and interior allure so much that potential buyers just won’t be able to walk away from it.

If you’re at that point, first figure out how much you can reasonably invest. Will the improvement increase your home value enough to allow you to recoup its cost? Maybe not, but if your priority is a faster sale, return on investment might have a different meaning for you.

Next, look at areas of your home where improvements will have the biggest impact – spots that are the least appealing or those that have the most appeal. Upgrading a less-than-great room can bring it up to snuff, but upgrading a good room could make it absolutely smashing. For example, painting a small bathroom in a bright color could make that cramped space feel bigger. Adding a skylight to your kitchen, bath, or other area in your home however, will really make a splash with abundant natural light and fresh air.

Here’s a room-by-room game plan for high-impact upgrades that could make buyers fall in love with your home:

Anywhere

Buyers are, universally, looking for beauty and value. Any improvement that gives both can directly impact your ability to sell your home. Adding a skylight is a great way to enhance a home’s visual appeal, livability and energy efficiency while improving indoor air quality by introducing much needed fresh air into the home.

Natural light can make a small room look bigger and brighter, and create a more healthful environment. Adding a traditional or tubular skylight to any room in the house brings more natural light into your home. Plus, Energy Star-qualified, solar-powered fresh-air skylights, like those made by Velux America, can provide fresh air through cost-efficient passive ventilation to reduce humidity and stale air, and heating, cooling and lighting costs. Add remote-controlled, solar powered blinds, and you can boost a skylight’s energy efficiency by 39 percent, Velux states.

Finally, this is one high impact investment that can actually put cash back in your pocket. Installation of energy efficient no leak solar powered fresh air skylights and blinds can qualify you for up to a 30 percent federal tax credit on the -products and installation costs. Visit www.veluxusa.com to learn more and calculate your tax credit for new or replacement skylights.

Kitchen and bathroom

Any Realtor will tell you great kitchens and bathrooms can sell a house. If yours are only so-so, they could be what’s standing in the way of getting an offer. If you’ve already done the basics – cleaning and decluttering, repainting and replacing dated cabinet hardware – it may be time to pull out the big guns.

New appliances and fixtures will cost you a few thousand, but can go a long way toward wooing buyers. New appliances look great, are more energyefficient, and provide buyers the peace of mind knowing they won’t face repair or replacement costs any time soon. New fixtures such as rainfall shower heads and touch-free faucets add an element of luxury to the most common bathroom.

Adding a tile backsplash or new wood-look laminate flooring in the kitchen, and new tile floor in the bath can also create a big impact – and for less money if you do the work yourself. Replacing lower-quality or older countertops is also an eye-catching upgrade. The trick is to find the improvement that will have the biggest visual impact in your space.

Living room/family

When buyers enter your home, chances are the living room or family room will be one of the first rooms they see. Their impression of that room can set the tone for how they perceive the rest of the house. Again, assuming you’ve done the basics – painting, window treatments and accessories – a major upgrade in this room can have a winning impact. If your home already has a fireplace, take a close look at it. What can you do to make it more appealing? Does it need a new facade? Larger gas logs or a better blower? Can you upgrade the mantel?

If your home lacks a fireplace, adding one can be a great selling point. It’s possible to add a gas fireplace for less than $5,000 in most homes. Adding a gas insert to a wood-burning fireplace is even cheaper.

Courtesy BPT

 

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Real estate panel discusses booming Long Island City


| aaltamirano@queenscourier.com

THE COURIER/Photo by Angy Altamirano

The Long Island City real estate community gathered for a morning discussion of the area’s market at a special breakfast on Thursday, April 25.

Local real estate entrepreneurs met and shared their ideas over bagels and coffee. At a panel discussion moderated by realtor David Brause, participants shared views on the booming LIC real estate industry’s present and future.

Panelists included Eric Benaim, president and CEO of Modern Spaces, Jonathan Miller, president and CEO of Miller Samuel Inc., Andrew Nimmer, principal of The Local Hostels, Michael Phillips, chief operating officer of Jamestown and Jason Sheftell, real estate editor for the New York Daily News.

 

The panelists discussed what they believe makes LIC a destination for visitors and people looking to settle down. They noted the easy public transportation access, closeness to Manhattan and the affordability of the community’s real estate.

According to Benaim, whose business has gone from residential sales and leasing to project development and marketing, prices for real estate in the area range from about $2,500 to $50,000,

“I think Long Island City is the gateway to all of Queens,” said Sheftell. “It’s the very beginning for this neighborhood.”