New York—Greystone Development has closed on the $23 million acquisition of a development site at 24-16 Queens Plaza South in Long Island City, Queens. N.Y. Greystone plans a 23-story property on the site, tapping architects Woods Bagot to design the redeveloped property.
The existing structure, mostly used as an office building, will receive a vertical enlargement. Eighteen stories will be built on top of the renovated older building, thereby creating 117 apartment units with about 3,600 square feet of ground-floor retail space. The property boasts about 119 feet of frontage along Crescent Street and about 100 feet along Queens Plaza South.
The development’s common amenities will be housed in about 11,000 square feet across four floors. They will include an outdoor pool; roof terrace; fitness center; multiple private dining and entertaining spaces with a lounge and screening area; a game room; and a co-working space.
Construction financing in the amount of $39 million was provided by Santander Bank, a strategic partner of Greystone’s, and a joint venture partnership has been formed with the existing long-term land owner. Samuel Jesselson and Jason Warsavsky of JWCM introduced the deal to Greystone Development.
“Long Island City is a burgeoning market because of its proximity to culture and commerce as well as to transportation,” said Jeffrey Simpson, head of Greystone Development. The property is across the street from the Queensboro Plaza train station with access to the 7, N and Q subway lines, and it’s also close to the E, M and R lines. David J. Maundrell III, Citi Habitat’s new development marketing executive vice president for Brooklyn and Queens, has been selected as the leasing agent for the property.