Lightstone joins taxi company’s 10-story LIC project

Plans call for 428 resi units at Queens Plaza North

TRD New York /
Nov.November 26, 2014 11:24 AM

Updated, 12:06 p.m., Nov. 26: The owner of a Long Island City yellow-cab company has brought on The Lightstone Group a joint venture partner to develop a 10-story mixed-use building in The Queens Plaza North neighborhood, The Real Deal has learned.

Theodore Strauel, owner of the Team Systems Corp. taxi company, filed an application with the buildings department today to construct a 10-story, 428-unit building on the southern end of a block-sized parking lot at 30-07 40th Avenue. The lot houses Team Systems’ fleet of cabs.

To develop the property, Strauel has brought on The Lightstone Group as a JV partner, a source told TRD.

Lightstone could not be immediately reached for comment.

David Junik and Decio Baio of Pinnacle Realty represented both sides of the transaction in an off-market deal, a separate source said.

Strauel could not be immediately reached and Pinnacle declined to comment.

The application calls for a total of 290,774 zoned square footage, some 3,200 square feet of which would be used for two ground-floor retail spaces.

The application indicates the building would rise on the southernmost portion of the roughly 80,000-square-foot lot between 40th and 39th Avenues.

Strauel has applied for a zoning permit that would allow him to split the property into three separate lots, thus enabling the parking operations to remain separate from the development.

This post was updated to include the identity of the JV partner.


Related Articles

arrow_forward_ios
Jackson Park at 28-40 Jackson Avenue and Tishman Speyer's Rob Speyer (Credit: StreetEasy and Tishman Speyer)

Tishman Speyer locks in $1B in financing for Jackson Park

Clutter CEO and co-founder Ari Mir, and clockwise from left: 280 Fullerton Avenue, 1 Holland Avenue, 3046 Northern Boulevard and 5601 Foster Avenue (Credit: Linkedin, Google Maps)

Self-storage startup Clutter makes its first real estate play with $152M deal

43-20 49th Avenue in Long Island City and Andrew Chung of Innovo Property Group (Credit: Google Maps)

Andrew Chung tees up Queens’ biggest deal of 2019

Court Square Place at 24-01 44th Road in Queens and The New York Times' A.G. Sulzberger (Credit: Google Maps and Getty Images)

All the news that’s fit for Queens: NYT inks lease in Long Island City

Corcoran President & CEO Pamela Liebman (Credit: Corcoran, Getty Images)

Welcome to Queens: Corcoran opens first borough outpost

A rendering of Skyline Tower (Credit: Skyline Tower LIC)

A luxury development in LIC is to blame for viral subway flooding video: MTA

Clockwise from top left: 950 and 957 Woodycrest Avenue in the Bronx and 47-50 30th Street in Queens (Credit: Google Maps)

Here’s what the $20M-$30M NYC investment sales market looked like last week

5Pointz Towers and David and Gerald “Jerry” Wolkoff (Credit: CityRealty and Pixabay)

“We were always pro-artist”: Developer that knocked down 5Pointz wants to patch up relationship with NYC artists

arrow_forward_ios