Tag Archives: real estate’

Townhouses planned for recently sold LIC sites


| lguerre@queenscourier.com

Photo courtesy of Scott Bintner/ PropertyShark.

GDC Properties is hoping to construct townhouse developments at two connecting sites in Long Island City that it recently purchased, according to a published report.

The townhouses will be on 11-22 45th Rd. and 45-35 11th St., the Commercial Observer reported.

The developer snatched up the sites for a combined $44 million. Eunhasu Corporation sold a one-story warehouse at 45th Road to GDC for $37 million and Kyu Heung Park sold a factory on 11th Street to the firm for $7 million, according to city records.

According to the Observer, GDC expects the townhouses to be complete in 18 months.

Demolition permits have already been filed with the Department of Buildings for the existing structures on both sites.

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Report: Long Island City, Astoria rental prices fall, borough prices jump slightly


| lguerre@queenscourier.com

Charts courtesy of MNS Real Estate 

Prices are cooling off in the hot Long Island City rental market as values for studios, one- and two-bedroom apartments have dropped considerably since May, according to the September Queens Rental Market Report by MNS Real Estate.

Studio prices in the neighborhood have fallen for four consecutive months, from an average of $2,602 in May to $2,293 in September, the report found, while one-bedroom apartments dropped an average of $90 since May. Two-bedrooms in the neighborhood increased slightly in September, but still remain more than $235 less than May’s prices.

The decrease in prices in the neighborhood are due to “a result of a maturing luxury rental market,” according to the report, which also pointed out that Long Island City still accounts for the highest average rents in the borough in all categories.

Overall rent prices in Queens increased slightly at 0.63 percent to $2,047 in September from $2,034 in August, while apartment inventory also jumped seven percent to 631 units.

However, Astoria, much like its neighbor on the waterfront, saw overall rent prices drop despite trending up in recent months. The overall average rents decreased 5.35 percent in the neighborhood during the month, the biggest decrease in Queens.

Studios saw a notable drop in Astoria, falling 11.04 percent or $205 during the month from $1,860 in August to $1,655 in September.

ASTORIA

A surprising increase came to Rego Park, as studios in the neighborhood stopped months of falling and dramatically increased 17.67 percent to $1,559 in September. The increase, which was exclusive to studios in the neighborhood, is a result of new luxury developments, the study found.

“A notable growth spurt continues to take place in Rego Park,” the report said. “This is the result of newly available units in high-end new developments and conversions led by The Contour at 97-45 Queens Blvd. and, more recently, The Rego Modern at 99-39 66th Ave.”

STUDIO REPORT

The neighborhood with the largest decrease of the month is Flushing, where one-bedroom apartments saw a stark drop of 12.88 percent or more than $220 from $1,762 in August to $1,535 in September.

Click here to see the full report.

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Plans filed for 28-unit mixed-use residential building in Astoria


| lguerre@queenscourier.com

THE COURIER/Photos by Liam La Guerre

Plans for a new six-story mixed-use residential and commercial building in Astoria were filed with the Department of Buildings on Thursday.

There will be 28 apartments in the building and 17 enclosed parking spaces on the lot at 26-05 28th St., which is currently vacant land, according to the filings.

The building, designed by Karl Fischer Architect, will have 20,578 square feet of residential space and an additional 4,355 square feet of space for commercial use.

The block is filled with residential apartments, and just a few properties down on 26-25 28th St., another residential apartment building with nearly 30 units looks to be nearing completion. However, it was recently hit with a partial stop work order.

26-25

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Astoria retail building sells for $32M


| lguerre@queenscourier.com

Photo courtesy of Massey Knakal 

A corner retail building near the heart of Astoria’s Steinway Street commercial strip has been sold for $32 million.

Realty service Massey Knakal, which handled the transaction, announced the sale Friday of 2856-2860 Steinway St., which occupies the entire block front of 30th Avenue between Steinway and 38th streets in the burgeoning neighborhood.

The building houses a trio of long-term leases for New York Sports Club, JP Morgan Chase Bank and Duane Reade in more than 37,000 square feet. The sale breaks down to $627 per square foot.

The transaction indicates that investors are coming over from Manhattan and looking for new opportunities elsewhere, according to Massey Knakal chair Bob Knakal.

“With the value of retail properties in Manhattan increasing at a record breaking pace, it is not surprising to see demand spill over into the outer boroughs,” he said. “This transaction is a clear example of that dynamic, as there were many parties bidding who have been primarily Manhattan investors who are now broadening their property searches geographically.”

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Plans for 16-story Two Fulton Square in Flushing moving ahead


| lguerre@queenscourier.com

THE COURIER/Photos by Liam La Guerre

With construction on twin 12-story towers at One Fulton Square wrapping up, The F&T Group is moving on to its sibling project at Two Fulton Square across the street.

The company filed plans with the Department of Buildings (DOB) on Tuesday for the project, which will be located on 39th Avenue between College Point Boulevard and Prince Street in downtown Flushing, about a block away from the No. 7 train.

One Fulton Square

The new building will be a 16-story mixed-use commercial, residential and community site sitting on 1,192,954 square feet, and will replace Flushing Mall.

Two Fulton Square will house 397 apartments in 368,868 square feet of residential space, and have 520 enclosed parking spaces, according to DOB filings.

It will also include 350,711 square feet of commercial space and 32,703 square feet of community space, according to the filings.

The 170-foot-tall building is being designed by Margulies Hoelzli Architecture. F&T Group is expected to file plans with the Board of Standard and Appeals for variances soon.

“The F&T Group has been evaluating a number of options for the redevelopment of the Flushing Mall site and recently submitted building plans to the NYC Department of Buildings as the first step in a potential future submission to the Board of Standards and Appeals (BSA),” F&T Group said in a statement. “Once our plans for the BSA are finalized, we look forward to sharing them with the community.”

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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, and will also come complete with various amenities, including a kids room, a gym and a lounge. There is also a terrace that allows views of Manhattan.

An architect on the project said the condos, which will have lots of two and three-bedroom apartments, indicate a change in Long Island City of families moving into the neighborhood .

“Because you can’t buy anything in Manhattan, people are looking at these neighborhoods and realizing how great they are,” Chris Fogarty of Fogarty Finger said. “These are people looking to stay a while.”

 

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New owner buys Queens’ tallest building


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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


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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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