As property values in Long Island City skyrocket, developers are starting to look a little further afield for places to build office space. A pair of developers are taking a chance on an industrially zoned strip in Sunnyside, just across the rail yards from Long Island City. They just filed plans for an eight-story office and medical building there at 38-01 Queens Boulevard, on the corner of 38th Street.
Platinum Realty Associates
Forest Hills-based Platinum Realty has acquired the two-story commercial building at 115-06 Myrtle Avenue, located on the corner of 115th Street in Richmond Hill, for $3.7 million, Commercial Observer reported. The sale comes after the previous owners began marketing the site, which consists of four parcels, back in November of 2015. The site could accommodate a mixed-use project, with commercial and residential space, of up to 26,524 square feet, as-of-right. A new development could grow to 70,000 square feet if it includes affordable residential units and benefits from the inclusionary housing zoning bonus. The new owner’s plans have not been disclosed. All of the parcels are vacant or have been vacated.
In December 2015, Curbcut Urban Partners and Platinum Realty Associates acquired, for $12.07 million, the two-story industrial building at 38-01 Queens Boulevard, in the Dutch Kills section of Long Island City. A rendering of the planned nine-story, 146,000-square-foot multi-use commercial building has now been revealed, via the Wall Street Journal. The project will include office space, retail, and a large amount of community facility space that will be able to accommodate medical offices, nonprofits, and other community-related tenants. The commercial building will also feature amenities like a rooftop deck and terraces. The developers plan to both lease and sell, as commercial condos, the space in the building. SBLM Architects is responsible for the design. Demolition permits were filed in January to knock down the existing building.