The Real Deal New York

Posts Tagged ‘queens plaza’

  • queens-plaza

    Map of projects slated for Queens Plaza and Court Square in Queens (Credit: Batch Geo via DNAinfo)

    Developers are flocking to the Queens Plaza and Court Square areas in Queens as dozens of real estate projects are in the pipeline over the next few years. [more]

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  • Aerial view of Queens Plaza

    Aerial view of Queens Plaza

    A $45 million overhaul of Queens Plaza has led to a development boom around the new crosswalks, bike pathways, sidewalks and 1.5-acre park that the city recently built. The “gateway to Long Island City” was a den of prostitution and drug deals not long ago. [more]

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  • 41-21-28th-street

    41-21 28th Street

    UPDATE, 3:32 p.m., Dec. 4: Heritage Equity Partners picked up a two-story, 27,000-square-foot warehouse near Queens Plaza North in Long Island City for $17 million, according to city property records.

    The Midtown East firm bought the site at 41-21 28th Street, which is zoned for residential and manufacturing use. The seller, developer Joe Goodman, was planning for a 139-unit residential project at the site, as The Real Deal reported. [more]

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  • 65-room hotel to rise in Queens Plaza

    November 12, 2013 05:23PM
    41-32 27th Street

    41-32 27th Street

    Queens Plaza will soon have a new 14-story, 65-room hotel. [more]

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  • ravel

    Rendering of the Estate at Ravel Hotel, 8-08 Queens Plaza South in Long Island City

    Developer Ravi Patel unveiled plans yesterday for a $10 million expansion of the 63-key Ravel Hotel in Long Island City, which would add an additional tower — almost doubling the total number of rooms. [more]

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  • alternate<br /></a>text
    From left: Packard Square North and a rendering of Crescent Club
    With the development of Gotham Center complex, the city had long hoped Queens Plaza would be the commercial compliment to Long Island City’s residential boom, but according to the Wall Street Journal, Queens Plaza is becoming a residential beacon, too.

    Between 2,000 and 3,000 new apartment units could hit the market in the area in the next three years, led by developers Rockrose Development, Meadow Properties and Heatherwood Communities.

    Heatherwood has purchased four residential development sites in the area, and the first of them is set to hit the market with 142 rental units in a little more than a year at 27th Street and 42nd Road. … [more]

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  • Manhattan-based HighCap Group has sold the first mortgage note secured by the property at 41-17 Crescent Street in Long Island City, according to a statement released today by its managing principals Josh Goldflam and Laurence Ross. The note was sold last week, according to Goldflam, but he declined to identify the buyer. The mortgage was purchased at a discounted price from its par value of approximately $48 million. The site, now a Karl Fisher-designed full-service apartment building better known as the Crescent Club, broke ground in 2007, but like many projects stalled due to adverse market conditions. – Miranda Neubauer[more]

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  • The vacant site at 29-37 41st Avenue

    Lender U.S. Bank won a judgment for $17.2 million, in a decision published yesterday, against a developer that sought to build a Starwood Aloft hotel in Long Island City, but the project stalled and the site remains vacant. In addition to the judgment on the loan, the decision awarded the bank $4.3 million in personal guarantees given by four individuals to secure the loan. The lender’s victory over the investors may portend further trouble for developers citywide who frequently provided millions of dollars in personal guarantees during the building boom to encourage lending, but who now are facing judgments by lenders seeking to collect on their promises to pay all or portions of loans. The developer, Queens Plaza Development, filed plans to build a 16-story hotel at 29-37 41st Avenue in Queens Plaza near the Queensboro Bridge, Department of Buildings documents show. Last year, Starwood’s Web site identified the 249-room project as By the Bridge, with an opening date of Dec. 31, 2010, but that information is no longer available on the site. Starwood did not immediately respond to a request for comment. … [more]

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  • National lender U.S. Bank is suing to recover a $17.2 million loan made
    to a Brooklyn company that planned to develop a Long Island City parcel into a
    Starwood Aloft hotel, court papers show. “The relief sought is judgment against defendant Queens Plaza
    Development in the amount of $17,236,709.77, plus interest, costs and
    attorneys fees,” the motion filed April 24 in Manhattan State Supreme
    Court says. Queens Plaza Development filed plans in January 2008 for a 220-foot
    tall, 16-story hotel at 29-37 41st Avenue in Queens Plaza,
    city Department of Buildings records show. Despite demolishing a three-story bank building after demolition plans
    were filed with DOB in March 2008, the site remains vacant.
    [more]

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