Continuing the discussion from NEW YORK | LIC Queens Rezoning - Queens Plaza Subdistrict:
Purchase of site for $37 million is part of a shift away from the increasingly built-up Long Island City, Queens, waterfront toward Queens Plaza.
By Matt Chaban
January 29, 2013
The two-story, neon Eagle Electric sign, a long-time landmark in Long Island City, that was replaced by a regular billboard over a decade ago, is slated to get a high-profile successor—a 40-story, 400-plus-unit rental tower.
Early this month a consortium of Property Markets Group, the Hakim Organization and Vector Group paid $37 million for 23-10 Queens Plaza South, a prewar Art Deco-style loft building that was once home to Eagle Electric’s production facilities, and a neighboring building at 23-01 42nd Road. The plan is to demolish the latter building and, with the considerable air rights afforded by the adjacent factory, construct a brand new apartment tower.
According to research by Douglas Elliman, there are only six new waterfront developments in the works with a few hundred apartments split between them. Around Queens Plaza, as many as 15 different projects are coming online in the next two to three years with upwards of 1,500 units. Among the new developments are a 700-unit Rockrose project at 43-22 Queens St., on another Eagle Electric property, and almost directly across the subway tracks, Worldwide Group is planning its own 40-story, 416-unit tower.