The 29,000 square foot lot at 69-02 Queens Boulevard, in Elmhurst, Queens, is getting closer to the construction of a major new building. YIMBY last covered the project two years ago, after developers Madison Realty Capital purchased the first portion of the assemblage for $14.75 million. The firm has now submitted a proposal to the Department of City Planning to build two new structures, rising up 14 and 17 floors. This action would require the rezoning of several industrial lots.
The proposal laid out what would occur should they be denied, resulting in a no-action condition.
Elevation view of No-Action condition (top) and With-Action Condition (bottom) for 69-02 Queens Boulevard, via the Department of City Planning
Should that occur, they would be allowed to construct a 125-foot tall tower, yielding 346,240 square feet, with 226,840 square feet dedicated to residential use. 14,160 square feet of commercial use, 10,940 square feet of community facility space, and 94,300 square feet of parking space, holding a capacity of 149 vehicles. 289 apartments would be created, of which, 58 would be sold as affordable.
Should the rezoning be approved, the development would result in two towers, the West tower rising 181 feet, and the East tower, at 151 feet. Combined, they would yield 495,080 square feet, with 456,330 square feet dedicated to residential use, 5,640 square feet for commercial use, and 33,100 square feet of parking, with capacity for 242 spaces. The parking would be a remarkable increase of efficiency, but the site would lose out on 8,500 square feet of commercial space, and all community facility space. In its place, nearly twice as many apartments would be created, totaling 561, of which 112 would be sold as affordable.
View of No-Action Condition (top) and With-Action Condition (bottom) for 69-02 Queens Boulevard, via the Department of City Planning
The filing has been accompanied by a rendering, showcasing the design by Perkins Eastman. The towers will have a simple exterior, punctured by terraces. Landscaped rooftop terraces will crown both towers, providing shaded spaces for lounging and gathering. The structures will be united by a large green space lined with lawns, trees, and some seating space.
Rooftop Proposal of 69-02 Queens Boulevard with Rezoning Action, via the Department of City Planning
The Commercial Observer predicts that the company will apply for the ‘Affordable New York’ 421a tax exemption. The project will follow the Mayor’s Mandatory Inclusionary Housing program, selling roughly 20% of the units at or below 80% of the area median’s income.
Demolition is already partially underway for the structure. Construction is expected to last 22 months, with completion estimated for 2020.
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Madison realty has given big bucks to deblasio
“Madison Realty Capital Applies For Rezoning At 69-02 Queens Boulevard”
– should the title say:
“Madison Realty Capital BRIBES city officials For Rezoning At 69-02 Queens Boulevard”
??
Countless times have I seen people try berating and belittling Developers, and for what reason? Because they make more money than you? You should be thanking them to a certain extent, without them there will be no gentrification. Additionally, I hear people saying how they’re the reason the market rate in NYC is so high; that’s completely ridiculous, the market rate is determined by the city and they determine it by the phrase “supply and demand”. If the supply is low, the demand is high…