The 10 priciest Queens condo filings of 2018

Several LIC and Flushing projects made the list

TRD New York /
Dec.December 28, 2018 04:15 PM

Clockwise from left: 23-15 44th Drive, 21-30 44th Drive, 134-37 35th Avenue, and 142-20 Franklin Avenue (CityRealty and Hill West via 6sqft)

While Brooklyn has gotten a lot of attention for its residential building boom, Queens is seeing a wave of its own.

This year, the borough’s top 10 condo priciest filings accepted by the New York State Attorney General’s office in 2018 totaled $1.6 billion. And a huge chunk of that total is thanks to the No. 1 project on the list: Skyline Tower in Long Island City. It’s set to be Queens’ first condo project to hit a $1 billion sellout. Corte was the runner up with a $137 million target. Those were two of the three Long Island City projects on the list, but there could be more on the horizon for Queens’ westernmost neighborhood: Developers and brokers are banking on Amazon’s massive office move to further boost sales — and some have already seen an increase in interest from buyers since the e-commerce giant’s November announcement.

The rest of the spots are occupied by developments with projected sellouts between $26 million and $100 million — several of which are in Flushing.

See the full list below.

RankAddressDeveloperSellout on AcceptanceUnitsType
123-15 44th DriveUnited Development & Construction Group$1,012,184,929802New Construction
221-30 44th DriveCBSK Ironstate$137,288,550
85New Construction
3134-37 35th AvenueCentury Development Group$100,314,750
100New Construction
4142-20 Franklin AvenuePinnacle Group$84,708,096
0Conversion
5133 Beach 116th Street, 150 Beach 117th StreetThe Marcal Group$59,515,000
86New Construction
697-45 63rd DriveKenny Liu$50,537,900
50New Construction
746-20 11th StreetChatham Development Company, Lily Guo$48,103,200
42New Construction
8145-38 34th AvenueXin Lin$45,311,000
55New Construction
942-50 27th StreetAmpiera Group$33,060,977
32New Construction
1032-06 Astoria Boulevard Double T$26,253,970
27New Construction

1. Skyline Tower at 23-15 44th Drive; United Development & Construction Group | $1.01 billion

Chris Xu’s Long Island City tower is Queens’ first billion-dollar-plus condo project in the borough. Condos in the building start at slightly more than $600,000 for a studio on the third floor, and go up to $3.04 million for a two-bedroom on the top floor. The developer has not yet priced the penthouses on the upper floors. At 964 feet, the glass tower is also to set to be the tallest in Queens.

2. Corte at 21-30 44th Drive; CBSK Ironstate | $137.29 million

The condo project, a block away from Court Square, will stand eight stories tall and include 85 apartments. CBSK Ironstate secured a $82.9 million financing package for the development — including a $61.8 million senior construction loan from Deutsche Bank. The developer submitted an offering plan in August.

3. The Farrington at 134-37 35th Avenue; Century Development Group | $100.31 million

The Flushing project — which includes residential, hotel and retail space — will have 101 condo units. Century Development’s George Xu plans to live in the Farrington’s duplex penthouse. Through his Century EB-5 regional center, Xu has raised $30 million in foreign project financing.

4. Infinity 8 at 142-20 Franklin Avenue, Pinnacle Group | $84.71 million

Pinnacle sought to convert a 144-unit rent-stabilized building in Flushing to condominiums. The average unit price of around $524,000 puts it in the least expensive sector of the city’s condo market. Since the condo plan is classified as “non-eviction,” units will have to be converted on a rolling basis as they become vacant, a spokesperson previously told The Real Deal. Pinnacle paid $43 million in February 2016 for the Flushing building.

5. One Sixteen at 133 Beach 116th Street and 150 Beach 117th Street, The Marcal Group | $59.52 million

The Far Rockaway project is the first large-scale residential development in the neighborhood since Hurricane Sandy. The development has 86 condos with eight adjoining duplex townhouses. Sales launched in September — and prices range from $350,000 to $1.1 million.

6. Rego Park Plaza Condominium at 97-45 63rd Drive, Kenny Liu | $50.54 million

The seven-story, 53,000-square-foot building has 50 condo units — and the property also includes a 12,000-square-foot health care facility on the first and second floors. The developer assembled the five-parcel Rego Park site between February and August 2015 for $6.1 million, according to property records. Sales launched in May, with prices starting at $512,000.

7. 46-20 11th Street; Chatham Development Company, Lily Guo | $48.10 million

The LIC project has 42 condo units, according to the offering plan. Construction plans were approved by the Department of Buildings in January 2017 and call for a seven-floor, 40,000-square-foot property designed by Raymond Chan. Guo is the president of the American Regional Center for Entrepreneurs, a company that raises money for real estate projects through the EB-5 visa program.

8. The Grandview Commons at 145-38 34th Avenue, Xin Lin | $45.31 million

Plans for the Flushing project include 55 condo units and about 9,800 square feet for a community facility. The development also includes parking. Michael Kang is the architect attached to the project.

9. Arcadia 27 at 42-50 27th Street, Ampiera Group | $33.06 million

The luxury LIC development has 36 units and eight stories. Current listings are a mix of rentals and sales — with prices for the latter ranging from $1.1 million to $1.5 million (StreetEasy shows other units in contract starting at $618,000). The building’s amenities include a virtual doorman, fitness center and smart home features.

10. Cornerstone Condominiums at 32-06 Astoria Boulevard, Double T | $26.25 million

Sales launched at the six-story building, which has 27 units, in October. Units currently on the market range from $473,000 to $1.5 million. The building’s amenities include private storage, a fitness center and community use outdoor space. The largest condo on the market is a four-bedroom spanning about 1,100 square feet.

The top 10 Queens priciest condo filings

RankAddressDeveloperSellout on AcceptanceUnitsType
123-15 44th DriveUnited Development & Construction Group$1,012,184,929802New Construction
221-30 44th DriveCBSK Ironstate$137,288,550
85New Construction
3134-37 35th AvenueCentury Development Group$100,314,750
100New Construction
4142-20 Franklin AvenuePinnacle Group$84,708,096
0Conversion
5133 Beach 116th Street, 150 Beach 117th StreetThe Marcal Group$59,515,000
86New Construction
697-45 63rd DriveKenny Liu$50,537,900
50New Construction
746-20 11th StreetChatham Development Company, Lily Guo$48,103,200
42New Construction
8145-38 34th AvenueXin Lin$45,311,000
55New Construction
942-50 27th StreetAmpiera Group$33,060,977
32New Construction
1032-06 Astoria Boulevard Double T$26,253,970
27New Construction

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