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NEW YORK | 23-01 42nd Rd | 481 FT | 44 FLOORS

http://www.crainsnewyork.com/article...TATE/130129891

Eagle Electric site to sprout 40-story apt. tower
Purchase of site for $37 million is part of a shift away from the increasingly built-up Long Island City, Queens, waterfront toward Queens Plaza.

By Matt Chaban
January 29, 2013

Quote:

The two-story, neon Eagle Electric sign, a long-time landmark in Long Island City, that was replaced by a regular billboard over a decade ago, is slated to get a high-profile successor—a 40-story, 400-plus-unit rental tower.

Early this month a consortium of Property Markets Group, the Hakim Organization and Vector Group paid $37 million for 23-10 Queens Plaza South, a prewar Art Deco-style loft building that was once home to Eagle Electric's production facilities, and a neighboring building at 23-01 42nd Road. The plan is to demolish the latter building and, with the considerable air rights afforded by the adjacent factory, construct a brand new apartment tower.

"The city of New York is continuing to grow, and Long Island City is continuing to grow," Kevin Maloney, principal at PMG said. "The city is pushing out, it's pushing people here, and we're pushing the property as a result." Long Island City has seen a boom in residential development in recent years, but much of the building has been focused along the waterfront. What drew the investors to the Eagle Electric site was a shift in development away from the river—where most properties have been snapped up, if not built up, already—towards Queens Plaza.

Clifford Finn, a broker at Douglas Elliman who is consulting on the design and marketing of the project, likened the LIC waterfront to living in Battery Park City, far from mass transit and other neighborhood offerings. "I like to think of Queens Plaza, then, as living in the financial district," he said. "The transportation is much better, you can get anywhere in minutes, and for young people who want to be in the middle of it all, that's very appealing."

According to research by Douglas Elliman, there are only six new waterfront developments in the works with a few hundred apartments split between them. Around Queens Plaza, as many as 15 different projects are coming online in the next two to three years with upwards of 1,500 units. Among the new developments are a 700-unit Rockrose project at 43-22 Queens St., on another Eagle Electric property, and almost directly across the subway tracks, Worldwide Group is planning its own 40-story, 416-unit tower.

It is for this reason that the developers are rethinking what to do with the Eagle Electric building. Initially, they had planned to turn it into lofts, but with so many other apartments on the horizon, the group is thinking shops might be a better option. Behind the Eagle Electric building will rise the new tower, designed by SLCE. "All we really care about is the air rights," Mr. Maloney said. Prices have not been set, nor has the unit mix, but the team anticipates a range of studios and one- and two-bedroom apartments.

"We're still figuring out what's going inside the building, but I can tell you, we'll have great views of the 59th Street Bridge, of the river, and of the Manhattan skyline," Mr. Finn said. "And we'll have a great amenities package."

http://propertymg.com/portfolio/#queens-plaza

Quote:

PMG acquired the site at the beginning of 2013 and has since been in pre‐development & design in order to begin construction at the start of 2014.

The project consisted of two adjacent sites that upon completion will be developed into the 40‐ story tower and combined with an existing 4‐story structure to house
certain of the parking spaces, ground‐floor retail and two‐floors of loft office space. The site also benefits from being one of the last remaining 421‐A parcels in Long Island City.
The building will include a large amenity package, including a roof‐top pool.

Luxury Rental Apartments in Long Island City, Queens

SF: 330,000
No. Units: 345 Apartment Units Height: 40‐Stories

Status: Construction to Begin January 2014 Architect: SLCE Architects
Project Capitalization: $175 Million Est. Stabilized Value: $258 Million

http://www.pbase.com/nyguy/image/154192965/original.jpg

http://propertymg.com/wp-content/upl...eens-Plaza.jpg

It would be great for LIC to see highways and L-trains wrapping around tall buildings.

Anyone else remember the two old Silver Cup Studios buildings? I liked those

I think this could end up a 500 footer when all is said and done.

New York YIMBY:

Revealed: 23-10 Queens Plaza South
BY: NIKOLAI FEDAK ON JANUARY 22ND 2014 AT 6:00 AM

Quote:

.....
The tower will stand 44 floors atop the existing warehouse, which will be converted to parking and loft office space.
...

Construction is beginning this month, and the entirety of the project will measure nearly 340,000 square feet. Plans have apparently undergone changes since PMG’s acquisition was first revealed late last year, as initial reports were that the development would be residential-only, and that the old warehouse would be razed.

Given that work is now beginning, completion is likely before 2017.

I wonder if the rendering itself is just a massing. It's somewhat detailed, and I don't expect a whole lot more for this site. But you would think they would have better renderings.

Quote:

Originally Posted by NYguy (Post 6417637)

I wonder if the rendering itself is just a massing. It's somewhat detailed, and I don't expect a whole lot more for this site. But you would think they would have better renderings.

Good question. Hopefully they will do better here, but if not, it's not a shabby filler (well, maybe the warehouse part!).

I think this is now under construction:

http://liccourtsquare.com/2014/08/08...egins-to-rise/

Good lookin' out, sbarn. Thread moved.

$130M financing for the tower

http://s13.therealdeal.com/trd/up/20...dLorberLIC.jpg

By Rich Bockmann

Quote:

Kevin Maloney’s Property Markets Group has locked down more than $130 million in construction financing for its planned 44-story rental tower in Long Island City, property records filed with the city today show.

Deutsche Bank provided the developer with a $113 million building loan and another $24.5-million project loan for soft costs, the records indicate. The bank also consolidated previous mortgages on the property in the amount of $11.05 million.

In December 2012, PMG bought two sites — a 14,920 square-foot-lot at 23-01 42nd Road and a 27,200 square-foot lot at 23-10 Queens Plaza — for $37 million, as The Real Deal reported.

Along with partners the Hakim Organization and New Valley, the real-estate arm of Douglas Elliman Chairman Howard Lorber’s Vector Group, PMG plans to build a 44-story rental tower with some 400 units and retail space. The project is slated for completion in 2017.

- See more at: http://therealdeal.com/blog/2014/10/....JCZ9EOoT.dpuf

Rendering:

http://www.yimbynews.com/wp-content/...1102174706.jpg
23-10 Queens Plaza South, rendering by SLCE Architects

=====================================
http://online.wsj.com/articles/whats...est-1414979654

^ Yeah not so great. It is just going to end up as filler eventually though.

551 10th Avenue's Queens based cousin.

Checking in at 23-01 42nd Road

March 17, 2015
CtSqLIC

Quote:

Things are moving along quickly at 23-01 42nd Road. When we last checked the site in October, the building had just risen above the construction fence.1 The building now towers far above the construction site, as seen in photos below, with construction rising to six stories.

According to the permits, which were approved in February, the building will rise to be 44 floors featuring 306,446 square feet of residential space and 30,650 square feet of commercial space.2 Delivery is expected in Fall, 2015 according to the rendering

http://liccourtsquare.com/wp-content...3/IMG_2220.jpg

http://liccourtsquare.com/wp-content...5589547933.jpg