Amazon is coming, and Meadow Partners may cash in on the buying craze with a conversion of its two-year-old rental building in Long Island City, according to filings made with the state Attorney General’s office.
The developer completed the Independent LIC, a 13-story, 48-unit building at 42-14 Crescent Street, in 2016. The building, just south of the Queensboro Bridge, includes studios, one-bedrooms, and two-bedrooms with an average rent of about $2,700.
Meadow Partners had previously submitted a co-op plan for the same address last June, but for “new construction” rather than a conversion. That plan also included 48 units, and had a projected sellout of nearly $36 million, or about $750,000 per unit. The new conversion plan, which does not yet specify a sellout, evidently supersedes the previous submission.
Meadow Partners did not immediately respond to a request for comment.
According to StreetEasy, rental activity at the Independent stopped in June 2018, shortly before Meadow’s first co-op plan was submitted. The building has had 54 previous rentals from late 2016 to 2018.
The Independent was designed by New York architect John Fotiadis, who designed several Trump-branded developments in Kazakhstan, Georgia and Turkey. Fotiadis also designed a number of projects in Ukraine on behalf of oligarch Rinat Akhmetov.
Meadow Partners, founded by Jeffrey Kaplan in 2009, used to own the building across the street at 42-15 Crescent Street as well. Meadow was in the process of converting that office building into 124 rental apartments when it sold the property to World Wide Group for about $70 million.