The Real Deal New York

Developer files plans for 47 condos in Woodside

Proposed building on 56th Street would span 40K sf
By Miriam Hall | February 17, 2017 06:17PM

Rendering of complex at 31-19 56th Street in Woodside, Queens

A Queens-based developer is planning to construct a 64,000-square-foot condominium building on 56th Street in Queens, according to a permit application filed with the city’s Department of Buildings Friday.

Developer Cheung Kiu’s four-story, 40,000-square-foot building at 31-19 56th Street would feature 47 apartments. There will also be 18,700 square feet of commercial space and 5,660 square feet of community space, the filing shows. The architect of record is Angelo Ng & Anthony Ng Architects Studio.

Queens has been a hive of activity lately, with many investors betting big on the borough. Last year, there were 42 deals over $20 million in the borough, compared to five in 2011, according to Ariel Property Advisors.  The biggest deal was Savanna’s $257.5 million purchase of the Falchi Building, a 658,000-square-foot office building in Long Island City.

In the fourth quarter of 2016, prices in Queens jumped and inventory fell. The median sales price rose 6 percent year-over-year to $498,000, according to a recent report from Douglas Elliman. The average sales price, meanwhile, hit a record $573,455, a 9.8 percent increase from 2015.

Last month, a one-bedroom condo at the Woodside Court Condominiums, a new development at 61-09 39th Avenue, sold for $515,000, according to StreetEasy.

Kiu declined to comment. Representatives from the architect were not immediately available for comment.