The Real Deal New York

NYC’s next megaproject could be in Long Island City

The multimillion-square-foot mixed use proposal includes a footbridge to Roosevelt Island
August 20, 2015 09:35AM

A team of investors led by Bruce Teitelbaum, the former chief of staff to ex-Mayor Rudy Giuliani, is pitching an ambitious mixed-use project based around 44-02 Vernon Boulevard in Long Island City.

Teitelbaum’s team is reportedly also interested in applying for a rezoning of the area, allowing for the development of more open spaces, affordable housing, and perhaps even a public school and a hotel.

The proposed development centers on a massive residential tower, comprising at least a million square feet, along with a pedestrian bridge connecting the site, north of 44th Street, with Roosevelt Island, the future home of Cornell Tech, Politico reported.

Interest in Long Island City is on the rise, and the de Blasio administration has pegged the neighborhood for a rezoning in an effort to increase affordable housing units.

In pitches, Teitelbaum has touted the benefits of being connected to Cornell’s tech campus, according to Politico.

“It’s exciting that the campus is sparking ideas like this,” a Cornell spokesperson said. “We expect to be an active player in Queens economic development and look forward to learning more and discussing the proposal with other stakeholders.”

The two-lot site on Vernon Boulevard – one just over 128,000 square feet, the other just over 84,000 square feet – is owned by Vernon Realty Holdings, LLC., according to property records. A source told Politco that the Durst Organization owns the note on the property.

Teitelbaum is also interested in picking up a city-owned 90,000-square-foot parcel south of the site, now used as a warehouse for the Department of Education. [Politico]Ariel Stulberg