Former Paint Factory Goes Residential
- Jun 22, 2015
Much to no surprise, the former Paragon Paint Factory in Long Island City is set to be transformed into yet another apartment building.
Simon Baron Development and CRE Development joined forces to rescue the eye-soring structure located at 45-50 Vernon Blvd. The Real Deal reported that the developers filed plans to transform the property into a new 28-story rental building that will have 236,230 square feet of residential space and 10,400 square feet of ground-floor retail space. A parking garage for 24 cars will be built at the cellar level of the building and the first floor will hold bike parking and amenity space. Shop Architects was selected to design the project.
According to application files, the residential portion will begin on the second floor and each floor will have between nine and 22 apartments. The building will contain 296 rental units with an average size of 798 square feet per unit. Average rent prices in Long Island City range between $2,394 for a studio and $3,558 for a two-bedroom unit, MNS market data shows.
The existing 69,550-square-foot building was purchased by Simon Baron Development for $14.7 million in November 2013. The previous owners, Richard Wissak and Jerry Nazari, acquired the property for $3.3 million in 2011.
Image courtesy of PropertyShark