Get ready: A $3B megaproject is set to rise on the LIC waterfront

Mixed-use development would include nearly 5K resi units and 335K sf of manufacturing space

New York /
Nov.November 15, 2017 07:00 AM

Anable Basin (credit: WXY architecture + urban design)

The family that owns a 13-acre site on the Long Island City waterfront is planning to build a $3 billion mixed-use project with 5,000 apartments and more than 300,000 square feet of manufacturing space.

The grandchildren of Louis Pfohl, a Midwest engineer who in 1938 founded Plaxall Realty, are seeking to rezone the area on the man-made Anable Basin to make way for the megaproject, the New York Times reported.

It would include an apartment tower stretching about 700 feet tall, or about 70 stories.

Under the city’s Mandatory Inclusionary Housing program, the project would set aside 25 percent of its 4,995 apartments – which would be a mix of condominiums and rentals – at below-market rates.

Plaxall may sell a stake in the project to a developer before construction starts, but the company acknowledges that “it is certainly not in our best interests to cash out with the first offer we get,” according to Tony Pfohl.

The owners hired Jonathan Drescher, a former executive at the Durst Organization, to manage the process.

The project is similar to TF Cornerstone’s development nearby on a piece of land owned by the city at 44th Drive, where the developer plans to build 1,000 apartments and 100,000 square feet of light manufacturing space. [NYT] – Rich Bockmann


Related Articles

arrow_forward_ios
Vorea's Peter Papamichael. (Google Maps, Vorea Group)
LIC development site under contract
LIC development site under contract
David Wolkoff of G&M Realty. (Getty, 5Pointz LIC)
Wolkoff family firm snags $350M loan for 5Pointz
Wolkoff family firm snags $350M loan for 5Pointz
Innovo Property Group's Andrew Chung with 23-30 Borden Avenue in Long Island City (Google Maps)
Innovo lands $155M construction loan for LIC warehouse
Innovo lands $155M construction loan for LIC warehouse
Chris Jiashu Xu and Long Island City's Skyline Tower. (Skyline Tower)
Closings underway at Queens’ tallest building
Closings underway at Queens’ tallest building
Renderings of Amazon HQ2 and Amazon CEO Jeff Bezos (Photos via NBBJ/Getty)
Amazon unveils woodsy plans for HQ2
Amazon unveils woodsy plans for HQ2
Linc LIC and Jackson Park (RockRose, Tishman Speyer)
Two huge Long Island City rentals see occupancy plummet
Two huge Long Island City rentals see occupancy plummet
A rendering of the site at 41-50 21st Street in Long Island City (Rendering via FX Collaborative)
LIC Opportunity Zone dev site asks $60M
LIC Opportunity Zone dev site asks $60M
Innovo Property Group's Andrew Chung and the LIC property. (IPC)
Andrew Chung plans massive industrial project in Long Island City
Andrew Chung plans massive industrial project in Long Island City
arrow_forward_ios

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

Loading...