Developer files plans for 47 condos in Woodside

Proposed building on 56th Street would span 40K sf

New York /
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

arrow_forward_ios
Freshly CEO Michael Wystrach and 28 East 28th Street (Photos via Twitter; Google Maps)
Freshly inks big lease in NoMad
Freshly inks big lease in NoMad
From left: Isaac Zion with JMC Holdings' Matthew Cassin (left) and David Taylor (right) (Photos via SL Green; JMC)
Former SL Green exec Isaac Zion joins Acram Group
Former SL Green exec Isaac Zion joins Acram Group
(Photo illustration by The Real Deal)
Inside mall owner Namdar’s rapid growth story
Inside mall owner Namdar’s rapid growth story
15 Park Row (Google Maps)
J&R Music founders sell Park Row apartment tower for $140M
J&R Music founders sell Park Row apartment tower for $140M
Claudio Del Vecchio has owned Brooks Brothers since 2001. (Getty)
Brooks Brothers’ Madison Ave store could give way to Midtown East tower
Brooks Brothers’ Madison Ave store could give way to Midtown East tower
Gov. Andrew Cuomo (Getty)
Industry reacts to Cuomo’s proposed commercial eviction ban
Industry reacts to Cuomo’s proposed commercial eviction ban
Merchants Hospitality Inks Club Deal at Cachet Hotel (Google Maps, Playboy Club)
Nightlife veteran John Blair inks deal for Hell’s Kitchen club
Nightlife veteran John Blair inks deal for Hell’s Kitchen club
Financial disclosures show extent of Trump Org losses
Financial disclosures show extent of Trump Org losses
Financial disclosures show extent of Trump Org losses
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...