Slate Launches Leasing in Queens

The Yellowstone will feature luxury units, an affordable component and a Trader Joe’s.

A rendering of The Yellowstone. Image courtesy of Aufgang Architects

Leasing has begun on The Yellowstone, a 166-unit luxury apartment building in the Forest Hills section of Queens built by Slate Property Group in partnership with Grobman Gross Properties. The property will also have a Trader Joe’s grocery store on the ground floor.

The partners broke ground on the project, located at 69-65 Yellowstone Blvd. in April 2021. Located at the corner of Queens and Yellowstone boulevards, the building has one- and two-bedroom apartments ranging in size from 475 to 950 square feet. Rents start at $3,300 per month.

New York City-based MNS Real Estate is the exclusive leasing agent for the building. The property’s 50 affordable apartments will be marketed in cooperation with the New York City Department of Housing Preservation and Development.

Property Details

Aufgang Architects was the designer for the 182,000-square-foot building that was built on the site of a former Key Food supermarket. The apartments feature Bosch stainless steel appliances, black granite kitchen countertops and backsplash, oak flooring, in-unit washer-dryers and oversized windows. Select units will also have private outdoor space.

Community amenities include an indoor and outdoor lounge, fitness center, outdoor common terrace, rooftop terrace, 186 parking spaces and secure bike storage. Trader Joe’s will span about 50,000 square feet on the ground floor. The opening date for the supermarket was not released.

The transit-oriented property is located three blocks from the Forest Hills 71st Ave. subway station, serviced by the E, F, M & R trains and also near the Forest Hills Long Island Railroad station. Residents will also have convenient access to nearby restaurants, boutiques and shopping on Austin Street.

Slate Properties

An owner, operator, developer and lender focused primarily on multifamily properties in the New York City metropolitan area, Slate has invested more than $6.5 billion over the past decade across equity and debt. The Manhattan-based firm’s current portfolio spans more than 50 investments.

Earlier this month, Slate acquired the 296-unit Queenswood Apartments community in Queens’ Corona neighborhood from Brookfield Properties. The property has two eight-story buildings at 54-09 100th St. and 54-39 100th St. Slate has committed to extending affordability at the site and will be making major improvements to the buildings, including new roofing, insulation, solar panels as well as upgrades to kitchens and bathrooms.

Last month, Slate and Riseboro Community Partnership broke ground on 326 Rockaway Ave., a 216-unit affordable housing community in Brooklyn. Also designed by Aufgang Architects, the building is slated for completion in summer 2025.

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