The Real Deal New York

Silvercup to sell out LIC condos for $108M

The Edison, at 27-21 44th Drive, will have 120 units

October 22, 2015 10:51AM
By E.B. Solomont

From left: Stuart and Alan Suna and 27-21 44th Drive in Queens

From left: Stuart and Alan Suna and 27-21 44th Drive in Queens

Silvercup Properties, the development arm of film and TV production company Silvercup Studios, is planning 120 condo units in Long Island City with a total sellout price of $108 million.

The Edison, located at 27-21 44th Drive between Sunnyside Yard and Jackson Avenue, will also have 6,780 square feet of retail space and 28 parking spots, according to a summary of the offering plan filed with the state Attorney General and reviewed by The Real Deal.

Silvercup, founded by brothers Alan and Stuart Suna with their father, Harry, acquired the site for $21.1 million from Vorea Holdings LLC and Meshburg Capital last year. Apartments will average under 1,000 square feet, according to previously-filed building plans.

The studio is also looking to revive its long-delayed $1 billion expansion project in Long Island City, which includes the development of eight sound studios, a 1,000 unit residential component, an office tower, a parking garage and retail space.

Long Island City is expected to see an influx of 22,000 apartments in the next few years, but fears of an oversupply haven’t yet taken hold. Although the majority of new housing stock in Queens has been rental, the neighborhood is primed for an influx of condos due in part to rising land prices and few height restrictions for buildings.

In July, Silvercup paid $15 million for a Port Morris warehouse in the Bronx, where it plans to invest $20 million to divide the building into four independent production studios.