The Midtown-based Hakimian Organization has sign a 99-year ground lease for the two-story, 22,254-square-foot commercial building at 44-16 23rd Street, in the Court Square section of Long Island City. The developer is planning to gut-renovate the property and redesign the exterior, according to The Real Deal. JRT Realty Group, who will be leasing the space, is considering a restaurant, retail, a gym, or office space, depending on the anchor tenant. The property owner is 44-16 23rd Operating Company.
Long Island City
Over the summer, Adam America Real Estate and MSD Partners picked up a taxi garage at 22-12 Jackson Avenue in Long Island City for $43.5 million. Now the developers have filed applications for their planned residential building.
Excavation began in mid 2015, and in early December, YIMBY reported that construction on the 13-story, 48-unit residential building at 42-14 Crescent Street, in Long Island City, reached street level. The structure has now topped out, The Court Square Blog reports. The building will total 44,061 square feet and its residential units, which begin on the second floor, will average 816 square feet apiece. The ground floor will contain 740 square feet of retail space. Façade installation has not yet begun, but completion is anticipated sometime later this year. Meadow Partners is developing the project and John Fotiadis Architect is designing it.
Long Island City-based Ascent Development has filed applications for a four-story, three-unit residential building at 10-27 47th Road, in the Hunters Point section of Long Island City, located a few blocks from stops on the G and 7 subways. The project will measure 5,000 square feet and all three units will be duplexes. One duplex will take the first two floors and the other two duplexes will split the upper half of the building and the roof terrace. If both floors in each duplex are calculated separately, the six individual dwellings would average 833 square feet apiece. Jorge Mastropieto Atelier is the architect of record, and demolition permits were filed for the existing two-story townhouse in November.
It was in August that YIMBY last brought you a construction update on the two-tower, 974-unit mixed-use development under construction at 43-25 Hunter Street, in Long Island City. At the time, the smaller 14-story building just topped out and the larger building was a story above street level. Fast forward to today and the 50-story portion is now 27 stories in height, exceeding its halfway point, as reported by The Court Square Blog. Curtain wall installation is also well underway on both structures, and work appears to have already transitioned to the interior at the 14-story building. The entire project will encompass 921,592 square feet, although 726,305 square feet will be used as residential space. Units will average 787 square feet apiece and 20 percent of them will rent at below market-rates. In addition, 18,800 square feet of retail space will be located on the ground floor. SLCE Architects is designing and Rockrose Development Corp. is behind the project. Completion is targeted for the summer of 2017.
The development boom in Long Island City has gotten so hot that even small, relatively undesirable sites near Court Square are sprouting apartment buildings. Yesterday we spotted applications for a seven-story, mixed-use development at 21-59 44th Drive, on the corner of 23rd Street.