Werwaiss Properties plans 37-story mixed-use tower in LIC
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Not content with just one new tower in Long Island City, local developer Werwaiss Properties has filed plans for its second major mixed-use project in the neighborhood in a little over a year.
The family-owned real estate firm is planning a 230,000 square-foot mixed-use building at 23-02 42nd Road in Long Island City with 240 residential units and about 10,000 square feet of commercial space, according to an application filed this week.
Located just a few blocks away from 27-10 44th Drive — where Werwaiss filed permits for a roughly 118,000 square-foot, 157-unit mixed-use project last year — the 37-story building is expected to stand 372 feet tall and include 91 parking spaces. 163,000 square feet will be devoted to above-ground residential units.
Christopher Fogarty of Fogarty Finger is the architect of record.
The Werwaiss family has owned the property, which is currently used as a parking lot, since 1974. Based in Long Island City, the developer says it owns more than 75 commercial, industrial or mixed-use buildings, primarily in the neighborhood, but also elsewhere in the city as well as in Florida and Pennsylvania.
Neither Fogarty Finger nor Werwaiss were immediately available for comment.
For all the boxes in Long Island City, this is one of the nicest. Considering it shares one side with the 7 train elevated tracks and another with the 59th St access ramp, the base is appropriate for the site.
Empty LIC Lot To Turn Into 35-Story Residential Tower By 2025
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An empty lot in the highly-developed Long Island City is slated to become a residential building by 2025, according to the real estate company Walker & Dunlop.
The company, which provides financing services to commercial real estate owners, said it arranged a $131 million construction loan for 23-10 42nd Road, which is currently an empty lot.
The space is slated to become a 35-story residential building by the summer of 2025, and foundation work was completed in the fall of 2022.
The building will have 240 studio, one, and two-bedroom apartments, as well as more than 15,000 square feet of indoor and outdoor amenities including a fitness center, a lounge, co-working spaces, and a sky lounge on the roof.
Walker & Dunlop represented the real estate development company Werwaiss Properties, and received financing from investment manager PCCP LLC and Corebridge Financial.
"We’re proud to work with experienced developers to help create additional market rate and attainable housing options in New York City,” said Brian Haber, a managing director with PCCP.
The company declined to comment on possible pricing per unit.
What I can say to you is that I live in Germany, so I can take up-to-date pictures. I sometimes look at Earthcam.com to take current screenshots so the picture is two or three days old.
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NEW YORK | 23-02 42nd Road | 372 FT | 35 FLOORS
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