Tag Archives: real estate’

Dolphin Diner opening soon in Hillcrest, replacing shuttered eatery


| lguerre@queenscourier.com

THE COURIER/Photo by Liam La Guerre

The Dolphin Diner in Hillcrest is set to make a splash with its grand opening just a few weeks away.

The eatery already has its sign up and owner and veteran restaurateur John Papas told The Courier that he plans to open the establishment in the second week of September, after completing certain filings with the city.

The new diner, which is blocks away from St. John’s University’s main campus and Queens Hospital Center, will replace Cornerstone Diner in the mall where Union Turnpike and 164th Street meet.

Papas, who has previously owned diners around the city and one upstate, said he thought it was a good spot for a restaurant, and that’s why he decided to open there despite Cornerstone recently shutting its doors.

Dolphin will offer everything from seafood to steaks, and will serve breakfast, lunch and dinner daily from 6 a.m. to midnight. The new establishment will be able to seat up to 125 people, Papas said.

The diner is still hiring employees for positions, and expects to have more than 20 workers when it opens.

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11-story condominium building planned for LIC


| lguerre@queenscourier.com

Rendering courtesy of Fogarty Finger Architects

New condos are coming to the Hunter’s Point section of Long Island City.

Local companies Charney Construction & Development and Ascent Development are working on an 11-story mixed-use residential and commercial building, which will have 56 apartments, according to New York YIMBY.

The building will be located on 11-51 47th Avenue, blocks from 5Pointzwhich is being torn down for massive apartment towers— and near MoMA PS1.

Designed by Fogarty Finger Architects, the proposed 125-foot structure will be comprised of 52,728 square feet of residential space and an additional 1,280 square feet of commercial space, according to filings with the Department of Buildings.

The building will also have 23 enclosed parking spots.

 

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New owner buys Queens’ tallest building


| lguerre@queenscourier.com

THE COURIER/Photo by Liam La Guerre

The tallest building in Queens— and New York State outside of Manhattan— has a new owner.

Savanna, a real estate investment firm, announced on Monday that together with a partnering company it acquired a controlling interest in One Court Square, the 51-story building in Long Island City occupied by Citibank.

“We are thrilled to announce the acquisition of this terrific asset in Long Island City,” said Nicholas Bienstock, managing partner of Savanna. “One Court Square not only features attractive building amenities and convenient transportation access, but is also located in the heart of Long Island City, which has transformed over the past 10 years into one of the most attractive up-and-coming residential and office markets in the city.”

The group of investors led by David Werner, who previously owned the 1.5 million-square-foot building, will remain a smaller partner of the building.

Savanna did not release the price it paid for the tower, but Crain’s reported that the purchase would have been a much greater value than the nearly $500 million that Werner paid for it in 2011.

One Court Square was designed by Skidmore, Owings & Merrill LLP, and built by Turner Construction in 1989.

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18-room luxury Malba home sells for $2.5M


| lguerre@queenscourier.com

Photos courtesy MLSLI

A new family will now be able to enjoy the Manhattan skyline after buying  a massive Malba home with big-city views from the second floor.

E&M Real Estate, which has served Whitestone, Malba and other northeast Queens neighborhoods for more than 30 years, closed the deal with the family on Aug. 6 for the Mediterranean brick house at 19 Center Drive for $2.5 million.

So what makes this house so pricey?

The single family residence has 18 rooms throughout 6,500 square feet in three floors, which includes a basement.

There are five bedrooms, all on the second floor, four and a half bathrooms, a theatre, an office and Jacuzzi suites.

A fireplace and an in-ground pool are also features of the home, which was built in 2002.

“It was one of a kind,” said Maryann Stravello founder of E&M Real Estate.

 

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Plans filed for 33-floor, mixed-use residential building in LIC


| lguerre@queenscourier.com

Photo courtesy Property Shark

Another towering residential structure is planned for Long Island City.

Plans for a 33-story residential and commercial building have been filed with the Department of Buildings  on a vacant lot blocks away from Court Square Park and the subway station on Jackson Avenue.

The building, which is planned for 44-26 Purves St., will comprise 270 units in 206,546 square feet of residential space, according to Department of Buildings records.

FXFOWLE Architects is designing the residential tower, which will also include 517 square feet of commercial space.

The 33-floor building will join not only the 50-story One Court Square building in the LIC skyline, but also another mammoth mixed-use residential building that is planned for the burgeoning neighborhood.

Rockrose Development Corporation is working on a 50-story building at 43-25 Hunter St. with 767,305 square feet of residential space and 18,800 square feet of retail space. There will be 974 units and 67 enclosed parking spots.

Excavation work recently began on this development, according to The Court Square Blog.

 

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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