The Real Deal New York

Steve Cheung plans 81-unit Greenwood Heights condo building

Developer paid $11.8M for the site last year

May 27, 2016 11:00AM
By Ariel Stulberg

685 4th Avenue in Greenwood Heights

685 4th Avenue in Greenwood Heights

Queens-based developer Steve Cheung is planning a new condominium and retail building in Greenwood Heights.

Cheung filed a permit application to build a 12-story, 71,000-square-foot structure with 81 condo units at 685 4th Avenue, according to public records, confirmed by the developer.

The property will have 6,400 square feet of retail space on the ground floor, divided into four stores.

Construction on the project will begin as soon as permits are issued, Cheung told The Real Deal.

The building’s second and third floors will have 10 apartments each, the fourth will have nine apartments, the fifth through eighth will have eight, and the ninth through 12th will have five each.

A total of 16 units in the building will be inclusionary housing. The application also calls for a rooftop recreation area and attended parking for 18 cars.

Cheung bought the five lots that compose the site last year for $11.8 million.

Back in 2014, Cheung sold 29-37 41st Avenue in Long Island City – a development site with over 200,000-square-feet of buildable space – for $46.3 million, just three years after he bought the property for $8 million.

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