$157 Million Luxury Building Underway in Queens; Continuum Announces Harlem’s Tallest Residential Project
- Sep 14, 2013
By Veronica Grecu, Associate Editor
A new luxury residential project is under construction at 41-50 24th Street, a vacant site in Queens’ fast growing Long Island City neighborhood.
The World-Wide Group, a New York City-based development company that has developed over $3 billion worth of premium residential properties in Manhattan over the past five decades, recently broke ground on a $157 million project. According to Crain’s New York Business, it will add 421 new rental units ranging from studios to three-bedroom units to Long Island City’s bustling Queens Plaza North Area. When completed in spring 2015, the units could fetch rents between $1,990 for a studio and around $3,750 for a two-bedroom.
Developed in a joint venture with partners Rabina Properties and Cammeby’s International Group, the 21-story rental building will also feature 25,000 square feet of high-end amenities including a landscaped roof deck and private gardens, an outdoor pool, a state-of-the-art fitness center, underground parking and storage spaces for bikes.
A report from PropertyShark.com reveals that the 41,628-square-foot parcel changed hands in February 2012, when the Criterion Group sold it in a direct deal for $28.85 million to World-Wide. With this purchase, the development company became the property’s third owner in seven years.
Meanwhile in Harlem, Continuum Cos. is about to break ground on a pair of residential towers totaling 650,000 square feet, the New York Post reports. Designed by ODA-Architecture to be the tallest buildings in the neighborhood, the 320-foot-high towers will go up at 1800 Park Ave. on a 3,539-square-foot parcel that Continuum purchased from Vornado Realty Trust for $65 million in April. The housing units at 1800 Park Ave. will be marketed under the “80/20 Housing Program,” which stipulates that at least 20 percent of the apartments must be set aside for families or individuals with incomes at half or less of the local Area Median Income, while the remaining 80 percent can be market rate. Additionally, the maximum rent on these low-income units can’t exceed 30 percent of the applicable income limits. According to the New York Post, the new residential development in Harlem will offer around 120 affordable housing units and 380 market rate apartments.