Though nowhere near the stratospheric prices seen in Manhattan, new projects in Queens with residential components are making their mark.
Flushing Commons, with a projected sellout of $386 million, is the most expensive new project in the borough, according to an analysis by The Real Deal. The project, with 148 apartment units, appears to be the priciest offering in the borough since at least 2000. Phase one of the condominium, which is being developed by F & T Group, The Rockefeller Group and AECOM Capital, broke ground in 2014. The development will also feature 75 office condos priced from $1.38 million to over $4 million.
In all, offering plans submitted to the New York State Attorney General since 2010 show that the top 10 projects in Queens collectively have a projected sellout of $1.5 billion. That’s $1 billion less than Brooklyn’s top 10 condominiums, which have a total projected sellout of $2.5 billion. A similar list ranking Manhattan’s most expensive projects far surpassed both of these tallies, with a total $20 billion in projected offerings across 12 buildings.
Top Queens residential developments by total sellout
|Flushing Commons||37-10 37th Avenue||TDC Development, Rockefeller Group||148||$386,281,892|
|Grand Two at Sky View Parc||131-05 40th Road||ONEX Real Estate Partners||258||$246,562,864|
|Grand One at Sky View Parc*||131-05 40th Road||ONEX Real Estate Parnters||247||$201,468,016|
|Infinity 8*||132-35 Sandford Avenue||Pinnacle Group||204||$118,150,264|
|The Edison||27-21 44th Avenue||Silvercup Properties||120||$108,287,518|
|The Arcadia*||42-35 Main Street||Ampiera Group||79||$101,672,212|
|The Aston*||108-20 71st Avenue||Cord Meyer Development||100||$98,165,000|
|Prince Plaza*||37-20 Prince Street||Prince Plaza LLC||72||$77,586,740|
|Dutch||25-19 43rd Avenue||Ekstein Development||86||$67,250,000|
|Wetherole Plaza*||65-50 Wetherole Street||East Coast Management||146||$59,557,638|
Ranking is based on offering plans submitted to the New York State Attorney General since 2010. * indicates that at least 50 percent of building condominiums have sold or are in contract.
Most of Queens’ priciest projects are found in Flushing, followed by two in Long Island City and one each in Rego Park and Forest Hills. Six of the 10 projects have already sold or are in contract for more than 50 percent of their available stock.
Onex Partners’ Grand Two and Grand One at Skyview Parc were the second and third most expensive with respective projected sellouts of $246.6 million and $201.5 million. The residential towers are part of the second phase of Onex’s massive mixed-use development in Flushing, Skyview Parc. Grand Two, the second of three luxury towers planned for the site at 131-05 40 Road, saw $85 million in contracts during its first weekend of sales in October. A spokesperson for the developers said the Grand Two is 40 percent sold. Sales in Grand One launched in February, and at least 95 percent of the 247 units have already been sold.
In October, Silvercup Properties announced plans for a 120-unit project in Long Island City, dubbed The Edison. The building is Queens’ fifth-most expensive new project, with a total projected sellout of $108 million. Plans have not yet been accepted by the Attorney General’s office.
Will Parker contributed reporting.