Back in May, Olmstead Properties and Newmark Holdings entered into contract to purchase the six-story, 225,000-square-foot manufacturing building at 43-01 22nd Street, located on the corners of 43rd and 44th avenues in the heart of Long Island City. The duo have now closed on the purchase for $61 million, Commercial Observer reported. They plan to convert the structure into office space, although roughly two-thirds of the property is currently leased to Reis Studios. The vacant portions are expected to be converted soon, but it’s not known when the currently leased space will get the conversion. Upgrades to the building will include a redesigned lobby, new windows and façade elements, and new mechanical infrastructure such as elevators.
Queens-based NTP Real Properties has filed new applications for a four-story, 20-unit residential building at 34-17 103rd Street, in North Corona. The filings come after initial documents submitted in 2014 were disapproved earlier this year. The newly proposed building would measure 23,341 square feet and its residential units should average 940 square feet apiece. There will be 13 off-street parking spaces located behind the building. George Huang’s Midtown-based GMH Architecture is the new architect of record, replacing Flushing-based Chien Han Architect. The 50-foot-wide, 14,463-square-foot lot, which spans deep into the block, was occupied by a two-story, five-unit apartment building until that was demolished in February. The 103rd Street-Corona Plaza stop on the 7 train is located four blocks south.
Property owner Lingyi Hsia has filed applications for two two-story, two-family houses at 46-36 – 46-38 Bowne Street, in East Flushing. Each will measure 3,119 square feet and their full-floor residential units should average a family-sized 1,040 square feet apiece. Across both houses, there will be four off-street parking spaces, two of which will be enclosed in separate 300-square-foot garages. Xiaohong Zhao’s Queens-based Ameriland Brook is the applicant of record. The 62-foot-wide, 5,938-square-foot lot is currently occupied by a two-story house. Demolition permits were filed in June.
Property owner David Shavolian, doing business as an anonymous Great Neck, N.Y.-based LLC, has filed applications for a four-story, eight-unit residential building at 188 Cooper Street, in eastern Bushwick. It will measure 8,867 square feet and its residential units should average 682 square feet apiece, indicative of rental apartments. Suresh Manchanda’s Flushing-based L&C Associates is the architect of record. The 25-foot-wide, 2,500-square-foot lot is currently occupied by a two-story townhouse. Demolition permits were filed in March. The Wilson Avenue stop on the L train is located two blocks away.
Construction on the 27-story, 168-unit mixed-use building under development at 27-19 44th drive, in the Court Square section of Long Island City, has topped out 282 feet above street level. Photos of the structure have been posted to The Court Square Blog. The news comes after construction was only up to the ninth floor in May. The latest building permits indicates the project, dubbed Watermark Court Square, measures 152,144 square feet. There will be 2,756 square feet of retail space on the ground floor, followed by rental apartments averaging 731 square feet apiece. The building’s residential amenities were listed in one of YIMBY’s earlier posts. Twining Properties is the developer, with Handel Architects designing. Completion is expected in the summer of 2017.