Trending

Greystone planning 117-unit LIC rental building

Developer acquired five-story office property for $23M with plans for 18-story resi addition

24-16 Queens Plaza South
24-16 Queens Plaza South in Long Island City (inset: Jeffrey Simpson)

Greystone Development purchased a Long Island City office building for $23 million with plans to redevelop the property into a 117-unit mixed-use residential tower – its first project in the burgeoning Queens neighborhood.

The Midtown-based development firm, which is led by CEO Jeffrey Simpson, acquired the five-story building at 24-16 Queens Plaza South with the goal of preserving the existing structure on the site and adding 18 stories on top.

The end product would be a 23-story, 100,000-square-foot residential tower holding 117 rental units and 3,600 square feet of ground-floor retail space, according to Crain’s.

Sign Up for the undefined Newsletter

Midtown architectural firm Woods Bagot will design the project, which will feature residential amenities including an outdoor pool, roof terrace, fitness center and co-working space.

Greystone is funding the development with a $39 million construction loan from Santander Bank. As lenders generally cover up to 60 percent of project costs, that suggests Greystone is planning to spend around $65 million on the tower – though the company would not confirm its expenditure on the project, Crain’s said.

Greystone recently partnered with Afshin Hedvat’s Prime Rok Real Estate to acquire a seven-story Upper West Side building – the longtime headquarters of drug rehabilitation nonprofit the Phoenix House – for nearly $27 million, with plans to covert the property into residential condominiums. [Crain’s]Rey Mashayekhi

Recommended For You