Slate Property Group JV Breaks Ground on Queens Project
- Apr 08, 2021
Slate Property Group, in partnership with Grobman-Gross Properties, has broken ground on their 166-unit development in Queens’ Forest Hills neighborhood, a community which will include 50 affordable housing units and 186 parking spaces. Aufgang Architects designed the project slated for a 2023 completion.
Slate joined forces with Grobman-Gross in 2017, with the assistance of Patrick Mazza and Dan Panitz of WRC Brokerage Inc. The Yellowstone project plans were filed same year, in November, and the building was supposed to be completed in 2020. However, the groundbreaking occurred only now.
The 11-story building will rise at 69-65 Yellowstone Blvd., on the former site of a Key Food supermarket which used to be owned by the Gross and Grobman families. Upon completion, the community will include 50,000 square feet of retail across the ground floor and lower level, as well as a landscaped outdoor recreation space on the third floor and rooftop and multiple terraces on each floor.
The development site is roughly 4 miles west of downtown Queens in a qualified Opportunity Zone, three blocks from the Forest Hills 71st Avenue subway station. The location is also 4 miles from a similar development, a 17-story mixed-use tower to include both residential units and retail coming online in Queen’s Ridgewood area.
Despite last year’s difficulties, Queens ranked fifth in Yardi Matrix’s top northeast markets for multifamily development. Yardi Matrix data shows there were 9,034 units under construction in Queens as of February, representing 8.8 percent of total stock.