Thanks to the LIC Partnership, we were reminded of an article by The Real Deal about a new development coming to LIC – a 410 unit rental building on two lots at 23-10 Queens Plaza South (GMAP) and 23-01 42nd Road (GMAP), built by Property Markets Group. These two buildings pretty much take up the whole block, and if you stand on the west end of the upper level of the Queensboro Plaza, you can catch a view of this old industrial building on Queens Plaza South.
The developer paid $37 million for these properties – the Queens Plaza South property is 27,200 square feet and the 42nd Road property is 14,920 square-feet.
The developer plans to tear down the big 5 story industrial building that sits on the Queens Plaza South property and replace it with a 110 unit loft. There will also a 300 unit, 28 story tower built on the 42nd Road property, and it will also likely have retail on the first floor. The development itself will be around 347,000 square feet.