Down the street from yesterday’s reveal in Flushing, we find another residential project that’s in the final throes of construction, at 41-42 College Point Boulevard.
Although the design isn’t as modern or handsome as the building YIMBY covered yesterday, it still shows a subtle improvement in quality for new condo projects in Flushing. Per the on-site rendering, the design at one point called for PTAC air conditioning units below the windows (which are – or at least, were – standard for even condo projects in Flushing), but luckily, they are absent from the finished product.
While the decision was apparently made after the design had largely been finished – the undersized windows leave room on the façade for the grills – it was at least a small step towards making the building more desirable, both inside and out. And though the shade of brick is not the most attractive, it is at least a variation on the standard red or tan brick found on most projects in the area.
The on-site rendering for 41-42 College Point Boulevard
Most importantly, the building is delivering new condo units in New York City’s premier Chinese neighborhood for far less than would be possible in Manhattan and the prime parts of Brooklyn – a reminder that there is a world outside of $2,000-a-foot ultra-luxe condos below 96th Street. Best Group Realty appears to be the listing agent for the building; one-bedrooms are asking in the high $400,000s, while two-bedroom, two-bathroom units below the penthouse can be had for the mid-$500,000s to mid-$600,000s.
The new structure is also a step towards building out this corner of Flushing, which was rezoned from a manufacturing designation in 1998 to accommodate mid-rise density.
41-42 College Point Boulevard
Whatever its aesthetic merits, this residential development is far more appropriate for an in-demand, transit-accessible area like downtown Flushing than the one-story predecessor formerly on-site. (In fact, the lost commercial square footage is being replaced in the form of a two-story base housing retail and medical office space.)
The project was developed by Flushing-based CX Tower LLC, registered in the name of Jiashu Xu, on land bought in 2012 for $1.5 million. It was financed by a construction loan from Cathay Bank, which was founded in 1962 in – fittingly – Los Angeles’s Chinatown, where it carved out a niche as a bank catering to Chinese-Americans.
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