SB Development, Heritage Real Estate planning condos in Queensboro Plaza

100K sf project at 41-05 29th Street is near Durst Org's Clock Tower site

New York /
Jan.January 02, 2018 01:00 PM

41-05 29th Street (Credit: Google Maps)

When the Durst Organization bought the huge clock tower development site in Long Island City a little more than a year ago, it scrapped the previous developers’ plans to build 250 condominiums on the site, opting instead to go all-in on rentals.

Now, in what will be the shadow of Durst’s 63-story building, another development team is planning to bring condos to the Queensboro Plaza section of the neighborhood.

SB Development Group and Heritage Real Estate Partners are planning to build a 100,000-square-foot condo building on a triangular corner-lot at 41-05 29th Street, the developers told The Real Deal.

“It took some time to assemble the various parcels and development rights necessary to build something substantial,” SB Development co-founder Joseph Stern said. “The irregular triangular shaped lot has its challenges but the opportunity to build something different and unique for the neighborhood is what we envisioned with our architect.”

Stern said the partners were still deciding on the number of units.

SB Development closed in late November on the land and air-rights assemblage for $15.5 million with Heritage Real Estate Partners, which is run by Jeremy Markowitz.

This is the first time the two firms have partnered with each other. The building will be designed by Fogarty Finger, the architecture firm behind Charney Construction & Development’s “the Jackson” condo building in the Hunters Point area of the neighborhood at 13-33 Jackson Avenue.

Fogarty also designed Charney and Tavros Capital Partners’ mixed-use tower at the site of the former Dime Savings Bank in Brooklyn, as well as L+M Development Partners’ 1 Park Row tower near City Hall.

Most of Long Island City’s limited condo supply is concentrated along the waterfront, while apartments near Queensboro Plaza tend to lean toward rental. But the condo market is growing.

Developer Yan Zhu is planning to bring 44 condo units at 27-05 41st Avenue with a projected sellout of $39.4 million, one of the most valuable condo filings accepted in Queens last year.


Related Articles

arrow_forward_ios
ZappiCo's Jim Zappi and Pocantico Lake (ZappiCo Real Estate Development, Google Maps)
Developer wants 29 waterfront homes; Nimbys want none
Developer wants 29 waterfront homes; Nimbys want none
Miki Naftali with 215 West 84th Street (Getty, Corcoran)
Naftali takes hit in battle with UWS holdout
Naftali takes hit in battle with UWS holdout
CW Realty's Cheskie Weisz and an aerial of the development site at 296 4th Avenue, 288 4th Avenue, 21 Denton Place (CW Realty, Google Maps)
Cheskie Weisz plans 200 Gowanus apartments
Cheskie Weisz plans 200 Gowanus apartments
Boston Properties CEO Owen Thomas and 343 Madison Avenue (Boston Properties, Getty Images)
Boston Properties plans 1M sf tower at ex-MTA HQ
Boston Properties plans 1M sf tower at ex-MTA HQ
1591 Alps Road in Wayne, NJ and March Associates Construction president Louis March (Google Maps, Getty, March Associates)
From funeral home to strip mall
From funeral home to strip mall
 SL Green’s Marc Holliday with 450 Park Avenue  (Taconic Partners, SL Green)
TRD Pro: Here are NYC’s biggest offices sales of Q2
TRD Pro: Here are NYC’s biggest offices sales of Q2
From left: Jeff Goldberg, CEO of Fairstead, and Will Blodgett, Founder of Tredway (Getty Images, Fairstead)
Fairstead fires back, alleges Blodgett threatened to go “torched earth”
Fairstead fires back, alleges Blodgett threatened to go “torched earth”
From left: Extell's Gary Barnett and JDS Development’s Michael Stern along with One Manhattan Square, The Narrows, and 111 West 57th Street (Extell, JDS Development, Getty Images, The Narrows Condo)
New development sales plummeted 30% in July
New development sales plummeted 30% in July
arrow_forward_ios

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

Loading...