From left: TF Cornerstone’s Thomas Elghanayan, a rendering of 4545 Center Boulevard and an image of the crane collapse (Credit: Larry Dusseau)
TF Cornerstone’s 41-story, 820-unit rental property at 4545 Center Boulevard in Long Island City is now leasing homes, according to a release from the developer. [more]
Willets Point rendering
UPDATED, 10:22 a.m., May 11: Queens Community Board 7 will hold a public hearing on Monday to discuss the Related Companies and Sterling Equities’ Willets Point and Willets West development plans, as part of the city’s public review process of the 62-acre Queens project, according to a blog operated by advocacy group Willets Point United. [more]
Steven Guttman
Art-collecting real estate developer Steven Guttman is combining two passions with a new facility he is building in Long Island City. His development, dubbed Uovo Fine Art Storage, after the Italian word for “egg,” will be the first custom-built fine art storage facility in New York, the Wall Street Journal reported, citing project officials. Generally, art storage spaces are built in modified existing buildings.
“I go and look at the space, and they’re all old buildings,” Guttman, who runs company Storage Deluxe and is the former CEO and chairman of Federal Realty Investment Trust, told the Journal. “As a real estate developer, I said, ‘Boy, this is interesting.’” [more]
Rockaways properties in the immediate aftermath of Hurricane Sandy
The Rockaways section of Queens is making a comeback from the whack it took from Hurricane Sandy — both homes sales and summer rentals are looking up. [more]
From the April issue: This month, The Real Deal breaks down the numbers of the Long Island City real estate market, which is back from a sales dip during the recession. Over the next five years, over 3,500 residential units will be ready for sale in the area…. [more]
From left: An aerial image of the development site and L&M’s Ron Moelis
In a surprising twist, the wrath of Hurricane Sandy has helped give rise to a new development. L&M Development Partners, Triangle Equities and the Bluestone Organization have launched a competition for architects, engineers and local residents to design a new project at their storm-battered and stalled Rockaway Peninsula site. [more]
Modern Spaces CEO Eric Benaim and Long Island City
Prices for Long Island City apartments were mixed in the first quarter of 2013, with larger units commanding higher prices than previous months, and smaller units seeing price-per-square-foot declines, according to a market report issued today by Modern Spaces. Both a shrinking inventory and increased demand for housing in the neighborhood factored into the price climbs, the brokerage said. [more]
From left: Modern Spaces CEO Eric Benaim and renderings of the Vista condominium
The 48-unit Vista condominium tower in Long Island City has channeled the energy of the universe, it seems. This fully feng shui-designed and certified property has reached the half sold mark, according to a release sent to The Real Deal by Modern Spaces, the exclusive sales and marketing team. [more]
A Queens man is accused of operating a $50 million real estate scam, the New York Post reported. Gershon Barkany, 29, pocketed investors’ money given to him to flip properties in so-called “risk-free” deals, according to court documents; the FBI arrested him Thursday.
The LIC collapse (credit: Larry Dusseau)
TF Cornerstone has been slapped with a Department of Buildings violation for the Jan. 9 collapse of a crane at its 4545 Center Boulevard site in Long Island City, the Associated Press reported. Additionally, crane operator Paul Geer and Cross Country Construction have been slapped with five violations apiece, and face fines of at least $64,000. A site safety manager also received one violation. [more]
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