Developer files plans for 47 condos in Woodside

Proposed building on 56th Street would span 40K sf

Feb.February 17, 2017 06:17 PM

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.

Related Articles

133-25 37th Avenue in Flushing

Developer Gary Tsan buys Flushing property for $60M

Brookfield Asset Management CEO Bruce Flatt

“We underwrite every investment like we’re going to hit a recession”: Brookfield CEO

Robert De Niro and a rendering of Wildflower Studios (Credit: Getty Images and BIG)

Robert De Niro’s Wildflower Studios closes on $72M Astoria site

Hiram Monserrate (Credit: Getty Images, iStock)

Ex-con’s campaign funded by real estate principal sued for fraud

Cadre founder Ryan Williams and Allen Smith

Cadre brings on former Four Seasons CEO as president

AKS Capital Partners Managing Partners Aaron Appel and Walker & Dunlop CEO Willy Walker

Walker & Dunlop acquires Aaron Appel’s AKS Capital Partners

From left: Publisher and founder Amir Korangy, Editor-in-chief Stuart Elliott and VP of Corporate Development Yoav Barilan

TRD’s founders share war stories from over the years

As the years go by_A look back at 17 years of real estate history

A look back at 17 years of real estate history