The Real Deal New York

Meadow Partners considering co-op conversion for LIC luxury rental

Forty-eight-unit building at 42-14 Crescent Street was built in 2016
By Kevin Sun | January 16, 2019 01:20PM

A rendering of 42-14 Crescent Street in Long Island City and Meadow Partners’ Jeffrey Kaplan (inset) (Credit: Hudson River Park)

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.

Amid a supply glut, developers in LIC have recently been pivoting away from rental to condos. The announcement that Amazon’s HQ2 is coming to town is expected to accelerate that trend.

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.