The partially affordable towers of Hunters Point South have formed a neighborhood within a neighborhood in Long Island City, and like any thriving community, they need a library. Now, the new library, with its unique cut-out design, is coming along nicely on the East River waterfront.
Long Island City
Metropolitan Realty Associates and TIAA are in contract to acquire the four-story, 342,000-square-foot industrial property at 47-25 34th Street, located on the corner of 48th Avenue in the Dutch Kills section of Long Island City. The property is being sold for $90 million, according to Crain’s. The eventual new owners plan to convert the building into modern office space to the tune of more than $10 million. The property is currently 55 percent vacant, with the occupied portion is being utilized as warehouse and showroom space. The sale comes two years after Brickman acquired the building for $60 million. Future office tenants will be located two blocks from the 33rd Street stop on the 7 train.
While the towers rising by the Hunters Point waterfront and around Queens Plaza and Court Square command attention of Long Island City real estate watchers, a number of smaller-scale, residential projects are steadily rising along the quiet, rowhouse blocks between the two development hotspots. In our April 2014 interview, Sam Charney, who is currently developing The Jackson a few blocks to the south, referred to the neighborhood as Hunters Point East. One of such projects is the six-story, 24-unit Liv@ Murray Park South at 11-30 45th Road. Its concrete shell and metal-framed bulkhead have reached their highest point, and the structure awaits curtain wall installation. The building is developed by the Century Development Group and designed by architect Raymond Chan, who is credited with a handful of projects scattered around the neighborhood. Triborough Construction Services Inc. is the general contractor.
Property owner Pushpinder Verma has filed applications for a two-story, 7,500-square-foot multi-use commercial building at 13-19 37th Avenue, in the Ravenswood section of Long Island City. The project will feature retail on the ground floor and medical offices on the second floor. There will be 5,000 square feet of commercial space, which means each component of the building should average 2,500 square feet. Rajendra Parikh’s Hudson Square-based Metropolitan Building Consulting Group is the applicant of record. The 25-foot-wide, 2,500-square-foot lot, located on the corner of 14th Street, is currently vacant. The site’s last occupant, a single-story commercial structure was demolished back in 2005.
Back in February, we learned that the New York City Department of Education (NYCDOE) and the School Construction Authority (SCA) are planning a 600-student elementary school on block “F” of the Hunters Point South mixed-use, mixed-income mega-development, located in southwestern Long Island City. Now, the Department of Housing Preservation and Development (HPD) is preparing to launch a Request for Proposals (RFP) for two residential portions of the mega-project, one located on block “F” adjacent to the school, and the other on block “G,” Crain’s reported. Together, the two buildings are expected to include at least 750 residential units, of which 450 would rent at below-market rates. There would also be retail space and some form of community facility space. Proposals will be due in September, and a development team will be selected in early 2017.