Greystone Development purchased a Long Island City office building for $23 million with plans to redevelop the property into a 117-unit mixed-use residential tower – its first project in the burgeoning Queens neighborhood.
The Midtown-based development firm, which is led by CEO Jeffrey Simpson, acquired the five-story building at 24-16 Queens Plaza South with the goal of preserving the existing structure on the site and adding 18 stories on top.
The end product would be a 23-story, 100,000-square-foot residential tower holding 117 rental units and 3,600 square feet of ground-floor retail space, according to Crain’s.
Midtown architectural firm Woods Bagot will design the project, which will feature residential amenities including an outdoor pool, roof terrace, fitness center and co-working space.
Greystone is funding the development with a $39 million construction loan from Santander Bank. As lenders generally cover up to 60 percent of project costs, that suggests Greystone is planning to spend around $65 million on the tower – though the company would not confirm its expenditure on the project, Crain’s said.
Greystone recently partnered with Afshin Hedvat’s Prime Rok Real Estate to acquire a seven-story Upper West Side building – the longtime headquarters of drug rehabilitation nonprofit the Phoenix House – for nearly $27 million, with plans to covert the property into residential condominiums. [Crain’s] – Rey Mashayekhi