As I mentioned in my recent spotlight on Queens, recent efforts to rezone Long Island City, Court Square, and Queens Plaza have resulted in a number of developers investing in these areas and all over the borough. Here are some of the top developers investing in Queens:
The Durst Organization, who brought One World Trade Center and many other commercial properties to Manhattan, is planning their first outer-borough development in Queens. Hallets Point, a 2.4 million-square-foot residential and retail development in Astoria, will result in approximately 2,400 rental residences, 20% of which are affordable apartments, in seven buildings. It will also include community use facilities, a site for a new K-8 public school, and an additional development lot for the New York City Housing Authority. Renderings for the first building, which is slated to open in 2017, were revealed in May. “Building 1” will feature two 20-story high-rises with waterfront views.
Rockrose has developed 10,000 residential apartments in New York City, including several buildings in Long Island City – before the start of the Queens real estate boom we’re seeing now. Their luxury apartments at 4705 Center Boulevard were completed in 2007, and they gained attention from the New York Times in 2011 for their 42-story high-rise at 43-10 Crescent Street, also known as LINC LIC. Currently in the works are 43-25 Hunter Street, which will contain 9,400 square feet of retail space and 974 apartments, and 43-22 Queens Street, which will be Queen’s third-tallest tower and contain 783 apartments. Both are slated for completion in 2017.
Currently in the process of developing the much-awaited, 950-foot tower at 220 Central Park South, Vornado is also renting out units in Rego Park. The Alexander has 312 apartments designed by Fogarty Finger and is at the forefront of luxury development in eastern Queens.
Based in New York with satellite offices in China, F&T is bringing upscale residences to Flushing. One Fulton Square, in the heart of downtown Flushing, is made up of two 12-story buildings and includes 43 luxury condos. Over on 39th Avenue and 138th Street, Flushing Commons is expected to be complete by 2020. The $1 billion project will bring approximately 600 residential condominium units to the neighborhood.
Tishman Speyer is known for redeveloping New York landmarks like the Chrysler Center and Rockefeller Center, and now they’re constructing three residential towers in Long Island City. The towers, located at 28-34 Jackson Avenue, 28-10 Jackson Avenue, and 30-02 Queens Boulevard, will contain a total of 1,789 apartments. Construction is expected to be finished in June 2018.
The sixth and final building in TF Cornerstone’s East Coast Complex along the Long Island City waterfront was completed last year. The complex brought 2,100 residential units to the neighborhood starting in 2006, and is known for literally embracing the waterfront’s iconic Pepsi-Cola sign, a neighborhood staple since the Great Depression.
After finishing the luxury units at Prestige in 2007 and The Solarium in 2012, Rising Developers Group has released renderings for the apartments at The Factory House at 42-60 Crescent Street. The 10-story development will bring 37 one-to-four bedroom apartments to the Court Square neighborhood, and sales are expected to launch any day now. RDG has also filed applications for a 14-unit building at 5-25 47th Road. The 14,780 square foot lot will allow for spacious units, at an average of 1,055 square feet.