More new condos on 48th Avenue
Up to Neighborhood Discussion
Posted by
There were 2 interesting articles in the Western Queens Gazette on 7/27/05 about development in LIC. One new project that they mention is on 48th Avenue, where all of the buildings west of the Zipper Factory building (whatever happened with that condo conversion??) have been purchased by the developer Toll Brothers and are to be replaced by "as many high-rise condominiums."
Also interesting is the mention of 2 sites near the Citibank building where residential condo towers are planned that "will rival the height of the Citibank building!"
Here are the 2 articles:
3 New Condo Developments To Rise On LIC’s East River Waterfront
Three old and decrepit buildings on the East River waterfront in Long Island City have been sold and are to be replaced by as many high-rise condominiums.
The new building activity involves structures at 5-01 to 5-17 48th Ave. and 5-19 to 5-29 48th Ave., according to a report in the present issue of Crain’s New York Business, the weekly publication. It said that 100 condo units will be built, a departure from the usual rentals that have been built in the area.
The developer in this instance is Toll Brothers. The seller was import-export firm Stuart Gilbert, who was represented by Cushman & Wakefield.
Toll Brothers expects to break ground in early 2006 on the new project.
—John Toscano
Long Island City—A Progress Report
By John Maltz
A lot has happened since my first report on Long Island City’s growth. The following update should make you an expert on new Long Island City developments.
Queens West—Surprise Up Zone
The fillet of Long Island City, this 20-acre site from the Tennisport to Newspoint, under the New York City RFP which was won by Elcor, was undevelopable based on the constraints imposed. In an anticipated move, Queens West permitted high-density residential development with a limited commercial component.
5th Street—The New Waterfront
The closest a private developer can get to the East River is 5th Street. In three separate transactions totaling a gross buildable development potential of more than 250,000 square feet, Greiner-Maltz represented developers and/or owners of various sites which will soon be shining high-rise condo projects, among them Toll Brothers, which acquired buildings from 5-01 to 5-17 48th Ave. and 5-19 to 5-29 48th Ave. from Stuart Gilbert, an import-export firm, and which expects to break ground on the condominium project in early 2006. The buildings have 130,000 square feet of buildable space; they sold for $130 a square foot. More sites are coming available soon.
Borden Avenue—The New Queens West
With all of Long Island City a redevelopment target for residential/commercial builders, Greiner-Maltz is spearheading the effort to develop more than 25 acres of prime industrial property. Envisioned is a comprehensive land use plan with multiple individual sites being offered to qualified developers for mixed mid-rise residential and commercial development.
Queens Plaza
Greiner-Maltz is helping to reshape the Queens Plaza skyline, having brokered over 640,000 square feet of development deals. Tishman Speyer's redevelopment of the Modell’s/Municipal Garage into a 1,000,000-square-foot office tower created the spark, rezoning of up to 12 times the site area created the means. Greiner-Maltz brokers, recognizing the potential value of the Queens Plaza transportation hub, sold two separate sites, each having a buildable area of 320,000 square feet to residential developers. The residential condo towers planned for these sites will rival the height of the Citicorp building! There are other prime sites available which Greiner-Maltz is currently marketing.
Citigroup Tower–UNICEF Tower
Citigroup, the world’s largest ½nancial service company, announced plans this past summer to construct a 14-story, 475,000-square-foot building across the street from its 48-story tower in Long Island City. The new $200 million building, to be called Court Square Two, will have space for approximately 1,500 employees and will accompany Court Square One, which was built in 1989 and measures approximately 1.4 million square feet, with 4,800 employees. UNICEF is breaking ground for their 600,000-square-foot tower, which has been a long-term requirement of this growing international agency.
MetLife Plaza
Brause Realty Inc. and Tishman Construction Corporation recently completed a 12-story, 282,000-square-foot building called MetLife Plaza. This latest development follows a $30 million conversion of the six-story, 404,000-square-foot Brewster Building into Class A offices for 900 MetLife workers. The new 12-story structure is adjacent to the Brewster Building and houses an additional 700 employees for MetLife.
East River Tennis Club Site
The former home of the East River Tennis Club at 44th Avenue is now under development for 910 waterfront residential condominiums, lofts, townhouses and possibly rentals as-of-right. Twenty thousand square feet of retail space and a 900-car capacity garage will be integrated into the project, along with a public waterfront esplanade with an extension of 44th Avenue.
Silvercup Studios
Established as the largest independent, full-service ½lm and television production facility in the Northeastern United States, Silvercup sees more than 500 commercials, photo shoots, feature ½lms and music videos produced each year. The facility is currently home to such popular productions as HBO’s “The Sopranos” and ABC’s “Hope & Faith”, starring Kelly Ripa. Silvercup will be developing more than four acres of waterfront movie studios, retail and residential property a stone’s throw from the East River Tennis Club site.
Rockrose Development
Rockrose Development Corporation will construct what comprises an integral and unique development project located at the Queens West Pepsi Cola site along the East River waterfront. Situated on 21 acres, the estimated $1 billion project is set to transform the site into a residential enclave with more than 3,000 apartments in seven buildings.
Citylights and Avalon Bay
The Citylights co-op, completed in 1997, was the ½rst project on the Queens West waterfront. This 42-story tower housing 522 units was designed by renowned architects Cesar Pelli & Associates and SLCE Architects. The building also contains the Robert Wagner P.S. 78 for children in pre-kindergarten to fifth grade.
Gantry Plaza State Park
Since 1998, Gantry Plaza State Park has opened up the Queens waterfront in Long Island City. Its award-winning design has transformed this former industrial space into a ¾ourishing public park with tremendous views of Manhattan. The park’s two and a half acres on the East River are the ½rst phase of the planned development of the Western Queens waterfront. Two gantries, old shipping lifts, loom overhead, reminding residents of the area’s industrial history. The northern, more recent addition is Peninsula Park, a grassy area for barbecues and playing catch.
Culture
Long Island City maintains the highest number of arts institutions outside of Manhattan. Some boast that the value of art stored in Long Island City is the highest in the world. The area’s art and cultural institutions include P.S. 1 Contemporary Art Center which is now considered the cutting edge of contemporary art in the United States. Founded in 1971, P.S. 1 has dramatic indoor and outdoor space that makes it the largest contemporary art center in the U.S. In 2000, P.S. 1 became affiliated with MoMA, creating an unparalleled set of resources for the collection and exhibition of modern and contemporary art.
Focus on Development
Long Island City’s superb location and breathtaking views of Manhattan have drawn the attention of business leaders and developers with impressive plans for developing the Long Island City waterfront and major commercial thoroughfares such as Queens Plaza. New residential, mixed-use and office building projects have been slated for this neighborhood as the reaction to an anticipated in¾ux of approximately 10,000 new white-collar jobs forecast for the Queens Central Business District.
One of the greatest catalysts for economic change in Long Island City was the recent enactment of zoning ordinance revisions. While continuing to sustain light manufacturing development in the area, the zoning changes are written to promote the inclusion of residential uses such as condominiums and townhouses, in addition to a range of commercial uses including stores, restaurants, artists’ studios and theaters. Fostering new residential and mixed-use development will bring new life and traffic to this unique, transit-rich, culturally vibrant neighborhood.
Keep in touch with Greiner-Maltz brokers to learn of new developments and available sites.
John Maltz, president of Greiner-Maltz, can be reached at 718-786-5050, via e-mail at jmaltz@greinermaltz.com or at www.greinermaltz.com.
Also interesting is the mention of 2 sites near the Citibank building where residential condo towers are planned that "will rival the height of the Citibank building!"
Here are the 2 articles:
3 New Condo Developments To Rise On LIC’s East River Waterfront
Three old and decrepit buildings on the East River waterfront in Long Island City have been sold and are to be replaced by as many high-rise condominiums.
The new building activity involves structures at 5-01 to 5-17 48th Ave. and 5-19 to 5-29 48th Ave., according to a report in the present issue of Crain’s New York Business, the weekly publication. It said that 100 condo units will be built, a departure from the usual rentals that have been built in the area.
The developer in this instance is Toll Brothers. The seller was import-export firm Stuart Gilbert, who was represented by Cushman & Wakefield.
Toll Brothers expects to break ground in early 2006 on the new project.
—John Toscano
Long Island City—A Progress Report
By John Maltz
A lot has happened since my first report on Long Island City’s growth. The following update should make you an expert on new Long Island City developments.
Queens West—Surprise Up Zone
The fillet of Long Island City, this 20-acre site from the Tennisport to Newspoint, under the New York City RFP which was won by Elcor, was undevelopable based on the constraints imposed. In an anticipated move, Queens West permitted high-density residential development with a limited commercial component.
5th Street—The New Waterfront
The closest a private developer can get to the East River is 5th Street. In three separate transactions totaling a gross buildable development potential of more than 250,000 square feet, Greiner-Maltz represented developers and/or owners of various sites which will soon be shining high-rise condo projects, among them Toll Brothers, which acquired buildings from 5-01 to 5-17 48th Ave. and 5-19 to 5-29 48th Ave. from Stuart Gilbert, an import-export firm, and which expects to break ground on the condominium project in early 2006. The buildings have 130,000 square feet of buildable space; they sold for $130 a square foot. More sites are coming available soon.
Borden Avenue—The New Queens West
With all of Long Island City a redevelopment target for residential/commercial builders, Greiner-Maltz is spearheading the effort to develop more than 25 acres of prime industrial property. Envisioned is a comprehensive land use plan with multiple individual sites being offered to qualified developers for mixed mid-rise residential and commercial development.
Queens Plaza
Greiner-Maltz is helping to reshape the Queens Plaza skyline, having brokered over 640,000 square feet of development deals. Tishman Speyer's redevelopment of the Modell’s/Municipal Garage into a 1,000,000-square-foot office tower created the spark, rezoning of up to 12 times the site area created the means. Greiner-Maltz brokers, recognizing the potential value of the Queens Plaza transportation hub, sold two separate sites, each having a buildable area of 320,000 square feet to residential developers. The residential condo towers planned for these sites will rival the height of the Citicorp building! There are other prime sites available which Greiner-Maltz is currently marketing.
Citigroup Tower–UNICEF Tower
Citigroup, the world’s largest ½nancial service company, announced plans this past summer to construct a 14-story, 475,000-square-foot building across the street from its 48-story tower in Long Island City. The new $200 million building, to be called Court Square Two, will have space for approximately 1,500 employees and will accompany Court Square One, which was built in 1989 and measures approximately 1.4 million square feet, with 4,800 employees. UNICEF is breaking ground for their 600,000-square-foot tower, which has been a long-term requirement of this growing international agency.
MetLife Plaza
Brause Realty Inc. and Tishman Construction Corporation recently completed a 12-story, 282,000-square-foot building called MetLife Plaza. This latest development follows a $30 million conversion of the six-story, 404,000-square-foot Brewster Building into Class A offices for 900 MetLife workers. The new 12-story structure is adjacent to the Brewster Building and houses an additional 700 employees for MetLife.
East River Tennis Club Site
The former home of the East River Tennis Club at 44th Avenue is now under development for 910 waterfront residential condominiums, lofts, townhouses and possibly rentals as-of-right. Twenty thousand square feet of retail space and a 900-car capacity garage will be integrated into the project, along with a public waterfront esplanade with an extension of 44th Avenue.
Silvercup Studios
Established as the largest independent, full-service ½lm and television production facility in the Northeastern United States, Silvercup sees more than 500 commercials, photo shoots, feature ½lms and music videos produced each year. The facility is currently home to such popular productions as HBO’s “The Sopranos” and ABC’s “Hope & Faith”, starring Kelly Ripa. Silvercup will be developing more than four acres of waterfront movie studios, retail and residential property a stone’s throw from the East River Tennis Club site.
Rockrose Development
Rockrose Development Corporation will construct what comprises an integral and unique development project located at the Queens West Pepsi Cola site along the East River waterfront. Situated on 21 acres, the estimated $1 billion project is set to transform the site into a residential enclave with more than 3,000 apartments in seven buildings.
Citylights and Avalon Bay
The Citylights co-op, completed in 1997, was the ½rst project on the Queens West waterfront. This 42-story tower housing 522 units was designed by renowned architects Cesar Pelli & Associates and SLCE Architects. The building also contains the Robert Wagner P.S. 78 for children in pre-kindergarten to fifth grade.
Gantry Plaza State Park
Since 1998, Gantry Plaza State Park has opened up the Queens waterfront in Long Island City. Its award-winning design has transformed this former industrial space into a ¾ourishing public park with tremendous views of Manhattan. The park’s two and a half acres on the East River are the ½rst phase of the planned development of the Western Queens waterfront. Two gantries, old shipping lifts, loom overhead, reminding residents of the area’s industrial history. The northern, more recent addition is Peninsula Park, a grassy area for barbecues and playing catch.
Culture
Long Island City maintains the highest number of arts institutions outside of Manhattan. Some boast that the value of art stored in Long Island City is the highest in the world. The area’s art and cultural institutions include P.S. 1 Contemporary Art Center which is now considered the cutting edge of contemporary art in the United States. Founded in 1971, P.S. 1 has dramatic indoor and outdoor space that makes it the largest contemporary art center in the U.S. In 2000, P.S. 1 became affiliated with MoMA, creating an unparalleled set of resources for the collection and exhibition of modern and contemporary art.
Focus on Development
Long Island City’s superb location and breathtaking views of Manhattan have drawn the attention of business leaders and developers with impressive plans for developing the Long Island City waterfront and major commercial thoroughfares such as Queens Plaza. New residential, mixed-use and office building projects have been slated for this neighborhood as the reaction to an anticipated in¾ux of approximately 10,000 new white-collar jobs forecast for the Queens Central Business District.
One of the greatest catalysts for economic change in Long Island City was the recent enactment of zoning ordinance revisions. While continuing to sustain light manufacturing development in the area, the zoning changes are written to promote the inclusion of residential uses such as condominiums and townhouses, in addition to a range of commercial uses including stores, restaurants, artists’ studios and theaters. Fostering new residential and mixed-use development will bring new life and traffic to this unique, transit-rich, culturally vibrant neighborhood.
Keep in touch with Greiner-Maltz brokers to learn of new developments and available sites.
John Maltz, president of Greiner-Maltz, can be reached at 718-786-5050, via e-mail at jmaltz@greinermaltz.com or at www.greinermaltz.com.
There is not one mention of affordable housing being part of all of this development. It interesting that it mentions the anticipated 10,000 WHITE COLLAR jobs forecastsed but nothing about those who already live here and might like to stay. It talks about bringing new life and TRAFFIC to a culturally vibrant neighborhood that will most likely loose the cultural vibrancy when the artists etc. are forced out by rising rents.( I know that's what stabilization is for but your rent still goes up and if your salary doesn't your apartment can become unaffordable) Which has happened in SOHO and Williamsburg to name a few. It will be all white collar workers, since they will be the only ones who will be able to afford the prices. The rest of us blue collar workers and artists will either stay in apartments that are small or leave the neighborhood because we can't afford the rents or to buy the new LUXURY co-op/condo apartments. One of the great things about this neighborhood is all the low buildings. It lets in sunshine and there is a sense of openness and doesn't make you feel like you are surrounded by buildings. Pretty soon, it will start looking like Manhattan and all the charater of this neighborhood will be gone along with any diversity. It will be a bunch of well off people who think they are cool because they live in a hip neighborhood, but the people who made it that will no longer be there.
an unfortunate chain of events, but one that is inevitable. except for the part about looking like manhattan - that won't happen. also becca, before this thread turns into an assault on rich white collar people discplacing poor lic/hunter's point long-timers, i ask you to consider those community property owners who cash in for a big pay day and move onto greener pastures or hold on to their place and raise rents to cash in on the surrounding gentrification, or those store owners that jack prices. no one is holding a gun to their heads.
By community property owners I believe you are referring to the the owners of the commercial buildings? I am not aware of and might be wrong, of any one selling their home to be torn down to make way for luxury high rise buildings. As for rents being raised to cash in , I see this right in my own building. The grocery store across the street from me is fairly competative to other groceries, but I do know from friends that the deli over on vernon is pretty expensive. My point was that there has been no incentive for developers to include affordable housing. Look at Williamsburg and the development that will be going on there. The city council member representing them fought for and got affordable housing for existing residents of the neighborhood so that families could stay and move to bigger places without leaving their neighborhood as part of the development plan. As a city employee, who is required to live in one of the 5 boro's,( I don't get a waiver like the police or fire department) I would love to buy in LIC, my home for the last 10 years, but unfortunatly can't. So I will rent until my rent raises to the point where I can no longer afford to live here. I am already close to spending one paycheck a month for rent. Then I will probably end up leaving the city altogether, because there will be no place left to move to.
[quote]Originally posted by wayne on Aug 5, 2005 1:08 am GMT-5:
Queens West—Surprise Up Zone
The fillet of Long Island City, this 20-acre site from the Tennisport to Newspoint, under the New York City RFP which was won by Elcor, was undevelopable based on the constraints imposed. In an anticipated move, Queens West permitted high-density residential development with a limited commercial component.
[/quote]
It's actually LCOR, not Elcor. This site blocks the Powerplant development too..I wonder if people buying west facing apartments will realize that.
---kyle
Queens West—Surprise Up Zone
The fillet of Long Island City, this 20-acre site from the Tennisport to Newspoint, under the New York City RFP which was won by Elcor, was undevelopable based on the constraints imposed. In an anticipated move, Queens West permitted high-density residential development with a limited commercial component.
[/quote]
It's actually LCOR, not Elcor. This site blocks the Powerplant development too..I wonder if people buying west facing apartments will realize that.
---kyle