The Real Deal New York

Ascent Development files plans for another new LIC resi project

New 20-story building will stand across the street from 5Pointz
By Mary Diduch | February 04, 2019 01:30PM

45-31 Davis Street in Long Island City (Credit: Google Maps)

Long Island City’s residential craze is set to continue with another new development in the Queens neighborhood.

Ascent Development wants to construct a 20-story apartment building at 45-31 Davis Street, according to a pre-filed application filed over the weekend with the city’s building department.

The project, which will stand across the street from the Wolkoff Group’s 5Pointz development, will span roughly 76,300 square feet and hold 92 units. It also will have designated space for a yoga studio, play room and lounge.

The LIC-based development firm did not immediately return a request seeking comment.

Modern Spaces is marketing the project, though it has not been decided yet whether the units will be condominiums or rentals, said Eric Benaim, the firm’s CEO.

The project will sit on an assemblage of parcels and most recently, in January Ascent closed on acquiring two nearby lots for about $6.5 million, according to city records. The largest lot, 45-17 Pearson Street, is in contract, said Marcus & Millichap’s Jonathan Eshaghian, who is brokering the deals.

The filing comes amid a heightened focus on residential transactions and development in the neighborhood. LIC has transformed over the past few years from an industrial-heavy region to a haven for residential developers. There are 6,566 units under construction in LIC, of which 19 percent are linked to condominium plan filings with the state, according to an analysis by The Real Deal from December.

Adding to the area’s popularity, last year online retail giant Amazon announced it would place one of its two new headquarters in the neighborhood.

Last week another Queens-based developer, Shibber Khan’s the Criterion Group, pre-filed plans for what will be one of the largest self-storage facilities in the city. The new 255,000-square-foot project, at 31-08 Northern Boulevard in LIC, will rise nine stories tall.

Correction: An earlier version of this article stated that Ascent Development closed on acquiring the property it will develop. The story has been updated to note that the development will sit on an assemblage of parcels, some of which have been bought.