Developer Dynamic Star is looking to build a new office tower on top of the old Eagle Electric warehouse in Long Island City.
The real estate investment firm will need to secure a rezoning for the site at 23-10 Queens Plaza South in order to build a new 26-story tower, Commercial Observer reported. It bought the site in 2019 from a partnership led by Kevin Maloney’s PMG Holdings for $27.5 million.
Dynamic Star wants to triple the 27,000-square-foot site’s buildable space to construct a 400,000-square-foot tower that would have office space and retail, as well as a museum about the Eagle Electric Manufacturing Co., which was once a dominant presence in the neighborhood.
Proposed amenities include an 8,000-square-foot health club and a half-court basketball court on the first floor. The fifth floor would have a 17,000-square-foot outdoor terrace, plus 2,300 square feet of outdoor seating for a restaurant or bar, with a 6,000-square-foot amenity floor for office tenants, according to Commercial Observer.
Dynamic Star is hoping to rent the retail to an organic grocery shop, a restaurant and a coffee shop in the hopes of attracting young office workers. Asking rents would begin at around $55 per square foot, and John Reinertsen of CBRE is handling leasing.
The project is expected to enter the city’s land use review process early next year, according to Commercial Observer. Assuming all goes well with the rezoning, construction would begin at the end of 2021.
[CO] — Keith Larsen