The Blumenfeld Development Group has purchased, for $31.2 million, the two-story, 56,916-square-foot mixed-use commercial building at 99-01 Queens Boulevard, in Rego Park, from Vornado Realty. The new owner plans to convert the property’s vacant portions into a medical facility for Mount Sinai Hospital, according to Real Estate Weekly. The hospital has already signed a lease with Blumenfeld. The property currently features retail space on the ground and cellar levels, followed by commercial-office space on the second floor. Existing tenants, which will remain in the building, include Bank of America, New York Sports Club, and DeVry College of New York. Completion of the conversion is expected in early 2017.
Queens-based property owner Robert Ustayev has filed applications for a four-story, four-unit residential building at 64-60 Austin Street, in Rego Park. The structure will measure 6,221 square feet and its residential units should average 1,244 square feet apiece, indicative of condominiums. The project will feature a townhouse-style apartment across the ground and second floors, followed by a single apartment on the third floor, and two units on the fourth floor. Robert Bahary’s Great Neck-based Bahary Architecture is the architect of record. The 19-foot-wide, 1,914-square-foot lot is currently occupied by a two-story brick house. The 63rd Drive-Rego Park stop on the M and R trains is five blocks away.
RJ Capital Holdings is planning to develop a five-story, 100,000-square-foot multi-use commercial building at the right triangle-shaped block at 98-81 Queens Boulevard, in Rego Park, located four blocks from the 67th Avenue stop on the M/R trains. Commercial Observer has revealed a rendering of the project, which has not yet been filed with the Department of Buildings. The project will feature a mix of commercial uses, including medical office space and ground-floor retail. There will also be an underground parking garage. Multiple low-rise buildings will have to be demolished first, including the Ohr Natan Synagogue, whose lease expires in February of 2017, and commercial buildings at 98-69 and 98-83 Queens Boulevard and 66-02 99th Street. The developer acquired the assemblage in 2013 for $9 million.
Rego Park has one of the strongest rental markets in central and eastern Queens, and developers are finally starting to take notice. Last week, YIMBY spotted plans for a 12-story, mixed-use building at 63-98 Wetherole Street, a couple blocks south of Queens Boulevard.
Within the last few weeks, new details emerged of the planned eight-story, 60-unit mixed-use building being developed at 98-02 Queens Boulevard, in Rego Park, and now DNAinfo has a rendering of the project. As reported previously, the 75,000 square-foot structure will contain rental units that come in one-, two-, and three-bedroom configurations. The apartments will average 657 square feet apiece, and amenities include a gym, an indoor pool, a children’s playground, and bike storage. The entire ground floor will be retail and 7,000 square feet of community facility space, in the form of medical offices, will be located on the level above. Demolition of the existing retail structure is expected in the spring and completion is slated for late 2017. Bahar Corporation is developing and Peter Casini Architect is behind the design.