In December 2012, New Valley Realty and Property Markets Group acquired 23-01 42nd Road and 23-10 Queens Plaza South in Long Island City, with plans to construct a 44-story residential rental building. One of the sites has been retained for retail and parking, while the other has been demolished to make way for new luxury housing.
Known for its museums, artists' studios and prime residential space near Manhattan, Long Island City is rising as a highly desirable, hip neighborhood that has spectacular views of the city and easy accessibility. The centrally located site is steps away from Queensboro Plaza, making it ideally situated for commuters. The plan is to fulfill and utilize the need for luxury housing that can be affordable to young families and professionals alike. The 390,000 square foot building will comprise of 391 units, including studios, one-bedrooms, and two-bedrooms. Tenants will have the rare opportunity to have a parking space, which connects directly with the residential tower. The plans also call for a substantial amenity package, which includes a fitness center facility with elevated ceilings, children’s playroom, private lounge with outdoor space, individual washer and dryer in most apartments, bicycle storage, sundeck, and a rooftop pool with cabanas. The building will also be serviced with a fulltime doorman and onsite valet for tenant convenience. In addition, the Queens Plaza South site is anticipated to have 20,000 square feet of retail space.
Commercial SF: 20,000
Net Rentable SF: 260,000
Total Rental Units: 391
Unit Mix: Studio, 1br, 2br