The Real Deal New York

Young’uns flock to Queens’ Rego Park

Development activity is up and QueensWay park proposal is in the wings
February 06, 2015 05:45PM

Young professionals searching for more bang for their buck are beginning to land in Queens’ Rego Park neighborhood, where developers have been keeping busy on a variety of new buildings.

Vornado Realty Trust is leading the pack with the Alexander at Rego Center, a 312-unit Building Atop The Rego Park Ii Shopping Plaza that will begin leasing in April. A nearby 38-unit building called the Rego Modern developed by Ramin Shirian of Lions Group II is 85 percent leased, the Wall Street Journal reported.

Several medium-sized residential buildings are in the pipeline along the southern side of Queens Boulevard, including  a six-story building with 45 units at 65-70 Austin Street, a seven-story building with 59 units at 65-38 Austin Street and an eight-story building at 64-24 Booth Street.

“It’s a great area that’s coming up,” Aaron Einstein — president of Woodmere Development, the firm behind 65-70 Austin Street — told the newspaper. “There’s lots of different ethnic cultures in Rego Park, and I love that there’s a new bunch of young, nice people moving in.”

The proposal for a High Line-esque QueensWay park, to be built on a 3.5-mile stretch of abandoned railway track between Rego Park and Ozone Park might increase the area’s appeal by adding green space.

The Trust for Public Land, a nonprofit that is raising funds for QueensWay, plans to send out a request for proposals from landscape design firms in the next two months. [WSJ] — Tess Hofmann