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Thread: Long Island City Development

  1. #61
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    Realdeal.net

    Queens: the new Brooklyn
    Long Island City set to boom: a look at new projects
    By Melissa Dehncke-McGill
    Long Island City is closer to Midtown Manhattan than Downtown, and in many ways farther along in its development than the much-touted revival of the Brooklyn waterfront.

    The rising prices of Manhattan that made Brooklyn attractive only a few short years ago is set to transform Queens as well, making it the new borough for young professionals. New buyers may come to realize that Corona is not just a Mexican beer and there is a Murray Hill outside of Manhattan.

    This month, The Real Deal gathered a list of new developments underway in the borough, presented in a detailed map. Long Island City leads the way, with 11,550 apartments slated for development out of the 16,400 new units planned for the borough.

    Some 3,500 of those units - enough to house a small town - will come online in the next two years. High-profile developments include waterfront projects by Rockrose and AvalonBay, condo towers on the former site of the East River Tennis Club, and the transformation of the Smokestacks Building. A luxury project next to the Citibank tower, to be marketed by the Sunshine Group, serves as a portent for the area's upscale trajectory.

    "All of the critical mass is bought, signed, sealed and delivered," said Barbara Corcoran, founder of the Corcoran Group, which is marketing several new projects in the neighborhood.

    "Everyone is getting ready with every deal," said Neil Binder, a principal at Manhattan brokerage Bellmarc, who grew up in Queens. "It will happen as one big effort, not dribs and drabs."

    Other development hotspots in the borough include Flushing, the most built-up urban area of Queens, where nearly 2,000 new units are planned. Developer Joshua Muss is planning a $600 million, 1,000-unit mixed-use development on the Flushing River. Boymelgreen and Vornado are also planning or competing for projects in Downtown Flushing.

    Prices in Forest Hills, arguably the most desirable section of the borough, are appreciating more dramatically than Manhattan, brokers say. The neighborhood is also getting its first major luxury residential project in over a decade, designed by the same architect who did the Time Warner Center condominiums.

    Astoria, for a decade an established outpost for renters priced out of Manhattan, is also bustling. Jackson Heights, the most ethnically diverse neighborhood in the city's most ethnically diverse borough, is drawing buyers seeking value in its prewar apartments and tree-lined streets. Substantial high-rises are planned for nearby Corona and Elmhurst.

    The Rockaways, rundown for decades, are also seeing condo development.

    The survey didn't look at areas dominated by single-family homes, such as Bayside or Little Neck.

    Sounds great, but Queens still has a certain reputation, much as Brooklyn did a decade ago. Corcoran believes the only thing wrong with Long Island City in the minds of young urban professional Manhattanites is that it is called Queens.

    "Right now if you say you live in Brooklyn, that is hipper than living in Manhattan," added Binder. "An artsy name would speed the transformation in people's minds. But it will happen."

    Market forces could take care of the image problem.

    "The market is so hot in Queens," said Donna Reardon, the branch manager of Prudential Douglas Elliman's Bayside office. "I have been a manager of this office for the past 12 years and I have never seen anything like this year. The more that prices go up, the more people want to come."

    A look at some of the neighborhoods:


    LONG ISLAND CITY


    While the Brooklyn waterfront gets headlines, with the City Council last month rezoning 175 blocks in Williamsburg and Greenpoint, the transformation of Long Island City's entire waterfront will happen sooner (see detailed story in this issue).

    "It's a market that is waiting to happen and it's coming in the next year," said Andrew Gerringer, managing director of Douglas Elliman's Development Marketing Group, which is representing several projects there.

    Units in new projects are expected to fetch anywhere from $675 to $800 a square foot, compared to Manhattan, where $1,000 a square foot for conversions and $1,300 for new construction is now a moderate price. Longer-term projects involve Rockrose's seven buildings at the Queens West site, one of which will be done by summer 2006 and the rest over the next five or more years, according to Rockrose CEO H. Henry Eighanayan. Also planned are Silvercup Studios West, with 1,000 units, and an Olympic Village with 4,500 apartments if the city wins its bid for the 2012 Games. "If the Olympics come the place is going to be unbelievable," Binder says.

    More office buildings will also help fuel the area's rise. Citibank is developing another $200-million, 475,000-square-foot office building next door to its existing 50-story tower, the tallest structure in Long Island City. Tishman Speyer is negotiating with the city's Department of Transportation to develop a 600,000-square-foot office building on Jackson Avenue, the first of five buildings planned for the block.

    FLUSHING


    When Dottie Herman, CEO of Prudential Douglas Elliman, purchased the 100-agent Goldmark Realty company in Flushing last year, she said the neighborhood was the borough's fastest growing "emerging market."

    Downtown Flushing, with a mainly Asian population, is the site of plenty of new development, and big players are starting to notice.

    Most projects in the works only average around 20 units, but Muss Development, which built Brooklyn Renaissance Plaza, is planning a massive six condo and rental building project with 1,000 units. It's part of a larger project with 725,000 square feet of retail space and a waterfront esplanade along the Flushing River. The first apartments will open in 2008.

    "It will be a major economic stimulus," said Joshua Muss, president of Muss Development.

    In other major projects, Boymelgreen Developers is planning an 18-story, mixed-use project on the site of the former RKO Keith's Theater, which could fetch prices in the $500 per square foot range. Vornado and Silvercup Studios are competing for a five-acre site in the middle of Downtown.

    "Boomtown Chinatown has become a very exciting location," said Binder. "Until 20 years ago it was suffering, then the Asian population moved in and that area has undergone a renaissance."

    ASTORIA


    Astoria was once a suburb of industrial Long Island City when a housing boom began in Queens in the 1920s. But it has long been a destination for Manhattanites seeking bargain rents for the better part of a decade.

    It's also getting new housing stock as former warehouse space is converted to apartments by Pistilli Realty Group.

    The former Eagle Electric Company factory and warehouse site will become a $30 million co-op complex with 188 apartments. The project includes the construction of three floors on top of the existing warehouse and a new building connected to the old plant.

    "The warehouses have outlived their time," said Joseph Pistilli, chief operating office of Pistilli Realty. "They are in the middle of residential areas, not like Long Island City."

    The other conversion by Pistilli is a residential condominium at the former Stern's warehouse site at Ditmars Boulevard and 45th Street.

    The 300,000-square-foot industrial structure was built by piano magnate William Steinway and will become 200 apartments by the end of the year, Pistilli said.

    Broker Demetrius Partridge of Partridge Realty says contractors are paying up to $700,000 for old dilapidated houses and tearing them down. "They are essentially paying just for the land."

    The average starting price for a one family house in Astoria is $700,000. A one family attached house is $575,000 and up.

    "There are so few homes for sale and such demand that in Astoria a little 18-by-45 foot deep house on a 100 foot lot has an asking price of $800,000," Partridge said. "That's what's driving the market; there's nothing available."

    Demand for condos is hot. "If I had 100 condos right now, I would sell them out," he said.

    Partridge, who grew up in Astoria, moved out to Long Island 20 years ago to raise his children, and now said he's looking at moving back.

    "The city built brand new schools here, a new state of the art elementary school," he said. "The irony is I moved out of the neighborhood because of the decrepit schools."

    FOREST HILLS


    The new Windsor at Forest Hills condominium is the first major luxury residential project in the area in over 10 years, according to developer Cord Meyer, though more are likely to follow. (The developer has a century-long history in the neighborhood. It bought 600 acres of farmland in 1906 and named the area Forest Hills.) Architect Ismael Leyva, whose projects include the residential condominiums at the Time Warner Center, is designing the building.

    Property appreciation in Forest Hills recently has been substantial.

    "I own property in Forest Hills, condos where the appreciation has been more dramatic than Manhattan," said Binder. "Whereas Manhattan appreciation over the last few years has been 100 percent, in Queens it has been 150 percent."

    One-bedrooms generally sell for $200,000. Prices for an apartment in a high-rise on Continental Avenue might be 50 percent more, and prices generally go up with proximity to the train. Attached houses run in the high $600,000's to $700,000's, up from the mid-$500,000's last year.

    The most sought after area in the neighborhood is Forest Hills Gardens, a planned community with stately, Tudor-style homes and winding tree-lined streets designed by Frederick Law Olmstead Jr.

    Nearby Rego Park is also seeing change. Giant REIT Vornado is betting on the future of the area, planning a mixed-use project with 450 residential units and 650,000 square feet of retail on the site of an old Alexander's department store. The project generated controversy when Wal-Mart announced plans to open there in what would have been the national discounter's first foray into New York. Vornado reportedly dropped Wal-Mart, and there are plans for a Home Depot now.

    "Rego Park has continued to strengthen and has started to go through a resurrection," said Binder.

    JACKSON HEIGHTS


    Ethnically diverse Jackson Heights, which is starting to see arrivals from hip Brooklyn neighborhoods, boasts wide, green streets and prewar apartment houses. In the 36-block Jackson Heights Historic District, one- and two-bedroom co-ops are available for under $200,000, and single-family homes start at $450,000. Further afield, neighboring Corona and Elmhurst are set to see new development, including the tallest residential structures (at 16 and 17 stories) seen in those neighborhoods.

    ROCKAWAYS


    Far Rockaway and Rockaway Beach is going to be the new hot area," said Reardon.

    "Developers are looking for rundown multifamily properties to convert, to tear down and build up."

    At least eight projects with more than 800 units are in the works on the long, thin peninsula south of Kennedy Airport. The Rockaways fell on hard times in the early 1960s, due both to the jet airplane and low-income housing built on the eastern end of the peninsula. The first new projects in the recent era began in 1999.

  2. #62
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    Quote Originally Posted by Derek2k3
    Project's #13-15

    Silvercup West
    42-20 Vernon Boulevard & 7-49 43rd Avenue
    Richard Rogers/NBBJ
    Dev-Terra Cotta, LLC (Stuart Match Suna and Alan Suna)
    Mixed-Use
    * Residential: approximately 1,044,000 gsf (1,040 dwelling units)
    * Production Studios: approximately 347,000 gsf
    * Office: approximately 655,000
    * Retail: 77,000 gsf
    * Catering Facility: approximately 45,000 gsf
    * Cultural/Community Facility: approximately 131,000 gsf
    * Health Club: approximately 43,000 gsf
    * Parking: approximately 433,760 gsf (1,400 accessory spaces)
    Proposed Late 2005-2009


    [/i]
    Nice, finally getting this party started. The timing is perfect, get it done. Would like to see the real plans, though. 600 ft ain't bad.

  3. #63

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    Quote Originally Posted by billyblancoNYC
    Nice, finally getting this party started. The timing is perfect, get it done. Would like to see the real plans, though. 600 ft ain't bad.
    I couldn't agree with you more i want to see what they are designing...but that will not be for some time. But besides, its a 600 a 557 and a 517 footer in LI City..finally citibank will have some neighbors
    Last edited by Kolbster; June 10th, 2005 at 08:41 AM.

  4. #64

    Default River East

    Project #16

    River East Master Plan
    44-02 Vernon Boulevard
    Two 29-story Towers & Four 8-story Buildings
    Walker Group/V Studio/Peter F. Poon Architect
    Dev--Vernon Realty Holdings, LLC
    Mixed-Use
    1.2 Million Sq. Ft.
    *910 units Residential Condominiums, Lofts, Town houses, and possibly Rentals
    *115,000 Sq. Ft. of Parking
    *17,500 Sq. Ft. of Indoor Recreation Space
    *11,750 Sq. Ft. of Commercial Retail
    *20,000 Sq. Ft. Riverfront Esplanade,
    *93,217 Sq. Ft. of Outdoor Recreation Space
    Under Construction August 2004-?



    River East Tower I
    4-21 44 Avenue
    29 stories 293 feet
    Walker Group/V Studio/Peter F. Poon Architect
    Dev-Vernon Realty Holdings, LLC
    Residential Condominiums
    540 units (Total Tower Condominiums Units) 546,772 Sq. Ft.
    Under Construction 2005-2006?


    River East Tower II
    4-20 44 Avenue
    29 stories 293 feet
    Walker Group/V Studio/Peter F. Poon Architect
    Dev-Vernon Realty Holdings, LLC
    Residential Condominiums
    540 units (Total Tower Condominiums Units) 689,415 Sq. Ft.
    Under Construction 2005-2006?











    Long Island City Development Poised To Transform Waterfront
    by Neille Ilel, Western Queens Editor
    February 10, 2005


    Residents and developers in Long Island City are hoping that River East, a 1.2-million-square-foot residential and commercial project in Long Island City, will finally give the neighborhood the “it” status that boosters have been predicting for years.
    Vernon Realty, in addition to developing River East, is also in the early stages of three commercial ventures within two blocks of the River East site. One is a large grocery store that the company’s president Marshall Weissman described as “in the Whole Foods type—one of the sexy ones.” Another is the addition of “two very popular New York City restaurants.” And finally there’s talk of a pair of stores of the “Gap-type.” Weissman added that it was too early for him to go into specifics.
    According to Weissman, River East is getting 200 to 250 calls a day from interested buyers—and excavation hasn’t even begun on the bu
    ildings. “It’s insane,” he admitted.
    It isn’t unheard of for real estate developers to create their own buzz. For an area like Long Island City, which has been on the verge of massive development for as long as anyone can remember, developers aren’t the only ones anxious to give it that final push.
    The River East complex will include two 30-story glass towers and four 8-story buildings that will be located on 44th Avenue between Vernon Boulevard and the waterfront. In addition, a public park will be landscaped along the waterfront, paid for by the developer, but open to the public.
    “This development is long overdue,” said George Stamatiades, a member of the Dutch Kills Civic Association, which is on the north side of the Queensborough Bridge. “We’re just too strategically located to have been skipped over for so long.”
    Weissman agreed, noting that the development will be especially attractive to Manhattanites who have been priced out of that borough’s real estate market.
    “This is a new vision for Long Island City,” said the project’s architect Jay Valgora, principal of V Studios. He said that as an architect, designing the soaring towers was a thrill, but he is most proud of the waterfront park and playground. The development is situated just north of the Queens West development project.
    “We lobbied very hard for the esplanade space,” said Joseph Conley, chairman of Community Board 2. The neighborhood has been working with the Department of City Planning since 1992 to develop the area with a waterfront park reaching all the way to Astoria.
    The agency and the site’s previous owners, the East River Tennis Club, agreed on ground rules for the site, including the amount of public space and height restrictions on the structures, before the property was sold to developers.
    Terri Adams, president of the Hunters Point Community Development organization said she too welcomed the development, but had reservations about the height and rather large bulk that seem to be standard for the latest string of Long Island City developments.
    Silvercup Studios, located just east of River East, has restarted its own plans to develop a mixed-use development in its industrial environs. Relative to the six-acre Silvercup expansion project and Queens West, “this is the most delicately scaled,” Valgora said. The two tall towers will be situated on the waterfront so as not to impose on the rest of the neighborhood. The smaller buildings, which will house townhouses and lofts, will even have their own modern version of stoops.
    Valgora said that it makes sense to have large-scale developments on the waterfront because there is a big demand for the accompanying views. Included in the design is 20,000 square feet of retail space, which will be given over to necessities for occupants of the building, like a pharmacy and dry cleaner.
    Residents will also have access to an indoor and outdoor pool, a gym and two floors of below-ground parking. The signature design element in all the structures is the glass exterior, which appears frequently in Valgora’s work.
    He has recently been involved in the RKO Keith’s Theatre site in Flushing, which also makes extensive use of glass exteriors. It was recently rejected for a variance by the community board, but Valgora and community members are hopeful that an agreement on a smaller building will be reached within the next month.
    River East, on the other hand, will be built entirely as of right, meaning the plans are all within current zoning restrictions. Excavation will begin in the coming weeks and the foundation will be laid in June.
    “It’s very important that this raises the bar on design,” Valgora said. “Long Island City is one of the most special neighborhoods in New York.” Now will the rest of the city agree?






    Links
    http://www.mapquest.com/maps/map.adp...te=ny&zipcode=
    Map

    http://www.wirednewyork.com/forum/showthread.php?t=4839
    WNY Thread

    http://www.wirednewyork.com/forum/showthread.php?t=4839
    May 7, 2004
    RESIDENTIAL REAL ESTATE
    Condos to Rise Near the Pepsi Sign in Long Island City
    By RACHELLE GARBARINE

    http://www.therealdeal.net/issues/Ju...1089838076.php
    LONG ISLAND CITY
    Two condominium towers slated for the site of the East River Tennis Club just south of the Queensboro Bridge. The waterfront towers will each be 28 stories, and will have a total of 540 one- to three-bedroom apartments. Prices have not been set. The buildings are part of a larger plan by Vernon Realty of New Jersey to build 910 residences, which will also include townhouses, lofts and rentals, in six buildings on six acres. There also will be a park, a riverfront promenade and gardens as well as 20,000 square feet of retail space. Construction on the two towers is set to begin in August. Contact: Andrew Gerringer, Douglas Elliman Development Marketing Group, 212-702-4060.

    http://www.pavarinimcgovern.com
    Our team is currently providing Preconstruction
    services to Vernon Realty Holdings,
    LLC for this phased residential and site
    development project in Queens, NY. The
    1.2-million-SF complex will consist of five
    low-rise buildings, two 28-story residential
    towers, 115,000-SF of parking; 17,500-SF of
    indoor recreation space and 11,750-SF of
    retail. Site development will consist of
    20,000-SF of riverfront esplanade, 93,217-SF
    outdoor recreation space and 47,342-SF
    street and streetscape. The design team is
    being led by the Architect,Walker Group/CNI.
    River East Residential Complex

    http://www.queenswest.com/neighborho...ssion/00001063
    Two 28 story towers
    - 540 total apartments (1,2,3 bdrms)
    - Avalon's is between 32-39 stories (does not sound done to me)
    - Rockrose's is 32 stories
    - Plan by Vernon Realty of Jackson of NJ
    - 6 buildings, a park and 20,000 sg ft of retail space
    - $350 million project
    - Apts will cost in the $600 a sq ft range or "$720,000 for an average 1,200-square-foot two-bedroom

    http://www.radcribs.com/salestatscounty.php?county=4
    Vernon Realty paid $26,100,000 for the site.
    Last edited by Derek2k3; June 11th, 2005 at 04:50 PM.

  5. #65

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    Rough view of what LIC might look like. It should be similar to the linear Jersey City skyline.



    Original photo by Ethan Fuster
    http://www.fujirangefinder.com/document.php?id=1079

  6. #66

    Thumbs up

    I like it, even if it does resemble JC I still like it!

  7. #67

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    Derek, which design is project #16?

    I like this design the best it has an art-deco industrialist look to it.

  8. #68

    Question

    Stern, arnt they all the same?

  9. #69

    Default

    Quote Originally Posted by NewYorkYankee
    Stern, arnt they all the same?
    Its the same project but there's atleast two designs for it.

  10. #70

    Default

    I didn't notice there were two designs also. But yea, the greenish design looks less generic. No clue which will be built though.

  11. #71

    Default

    there are aspects in both that I like, but I like the second design best

  12. #72

    Thumbs up

    New York Buisness:

    July 18, 2005

    Rockrose plans huge development in Queens
    Rockrose Development Corp. is proposing construction of a residential high rise in Long Island City, Queens, that would be the largest condominium in the five boroughs, according to sources.

    The building, which would be designed by architect Thomas Phifer, could be built at the Queens West site where the Olympic Village for the 2012 Summer Games had been proposed.

    The Queens West Development Corp., a state-run body overseeing the 74-acre parcel, earlier this month began a study examining development possibilities for the site. It says no decision will be made until the study is completed in the fall.

  13. #73

    Default

    Posted by Billy:

    Luxury condos for Queens waterfront
    http://www.newyorkbusiness.com/artic...brothers&arc=n

    3 buildings will be taken down


    Published on July 18, 2005

    Three buildings along the East River waterfront in Queens have been sold to residential developer Toll Brothers, which plans to demolish them to construct 100 luxury condominiums.

    Long Island City has experienced a residential boom in the past year, including new buildings from Avalon Bay Communities and Rockrose Development Corp. offering rental units.

    "Many of the other buildings in the area are rentals," says David VonSpreckelsen, Toll Brothers' director of acquisition and development in New York City. "This will be one of the first condominium buildings.

    The structures, from 5-01 to 5-17 48th Ave. and 5-19 to 5-29 48th Ave., have 130,000 square feet of buildable space and sold for $130 a square foot, Mr. VonSpreckelsen says. The seller, represented by Cushman & Wakefield, was import-export firm Stuart Gilbert.

    Toll Brothers, which expects to break ground on the condos in early 2006, was represented by Greiner Maltz.

    --Julie Satow

  14. #74

    Default

    Posted by Billy:

    Long Island City gets first condo building
    http://www.therealdeal.net/

    July 6, 6:07 pm
    In a sign of Queens' rising development, the Developers Group announced Wednesday that sales of the 66 units in the new 10-story Queens Plaza would start this autumn. The Queens Plaza on 27th Street in Long Island City will be the first condo building ever in that neighborhood. Major projects built in Long Island City so far include Citylights, a co-op, and Avalon Riverview, a rental building. The units at Queens Plaza range from 505 to 1,568 square feet, according to a release from the Developers Group. Residents are expected to start moving in during early 2006.

  15. #75

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    Thomas Phifer looks to be an exciting young modernist. And Rockrose is a well established developer, this should be an exciting development.

    http://www.tphifer.com/#

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