The Durst Organization has just stopped construction on its sprawling megaproject on Hallets Point in Astoria, saying the taxes are “crushing” without the 421-a tax exemption. But developers are still rushing to build along the waterfront in the western Queens neighborhood. Developer Wayne Fried has filed applications for a seven-story, mixed-use building at 30-07 Vernon Boulevard, right next to Hallets Point and the East River.
If you remember the recent topping out of 23-10 Queens Plaza South as the second tallest building in Queens, hearing of another contender usurping its place so quickly might give you a sense of déjà vu. In a testament to Long Island City’s dizzying pace of development, the title passes to Tower 28, previously known as 28 on 28th.
In the summer of 2014, YIMBY revealed renderings of the six-story, 24-unit residential building planned at 11-30 45th Road, in the Hunters Point section of Long Island City. Building applications were filed in December of that year and we last reported that excavation equipment arrived on site in October of 2015. The Court Square Blog now reports foundation work is underway. The new building will encompass 31,729 square feet and apartment units will average 931 square feet apiece. There will be 14 parking spaces on the ground floor and the structure will be topped by a penthouse for tenants’ recreational use. Century Development Group is developing the project and Flushing-based Raymond Chan is designing it. Completion is anticipated for the summer of 2017.
On-site renderings were revealed in November for the 27-story, 168-unit residential building under development at 27-19 44th Drive, in the Court Square section of Long Island City. Now, The Court Square Blog reports foundation work has just begun. Earlier this month, developer Twining Properties and investment parter CBD secured $70 million in financing for the project, which is being dubbed Watermark Court Square. The new building will measure 151,021 square feet in total and will include 2,807 square feet of ground-floor retail. The apartment units will average 730 square feet apiece and come in studio, one-, and two-bedroom configurations. Handel Architects is the architect of record. Completion is expected in the fall of 2017.
In 2013, Jerry Karlik’s JK Equities acquired the RKO Keith’s Theatre, an individual landmark at 135-27 – 135-35 Northern Boulevard in Downtown Flushing, for $30 million. The developer received approval to redevelop the severely dilapidated structure in 2015, but now Karlik is putting the development site back on the market, Crain’s reports. A new developer could build a 16-story, 269-unit mixed-use building with 24,493 and 15,727 square feet of commercial and community facility space, respectively. A buyer could also take advantage of a previously granted tax break. Studio V Architecture was behind JK Equities’ proposal, although a new owner could always choose to design a different building and go back to the Landmarks Preservation Commission for approval. Cushman & Wakefield is marketing the site.