A North Carolina development firm thinks now is the time to break into New York City’s housing market.
Grubb Properties filed plans Tuesday to build a 290,000-square-foot, mixed-use building at 41-34 27th Street in Long Island City.
The Charlotte-based developer went into contract in March to acquire the property, also known as 25-01 Queens Plaza North, and an adjacent lot from Vasiliki Falidas of Estia Realty LLC.
The 17-story building would devote approximately 230,000 square feet to residences, yielding 317 units, and 9,000 square feet to retail space.
Frank Fusaro of Handel Architects is the architect of record. Demolition permits for the two-story building on the site, near the Queensboro Plaza subway station, were filed in May.
The plans focus on what Grubb calls “essential housing” — as opposed to luxury development — for Millennials and Gen Z, who the company says face a sustained shortage of affordable housing nationwide.
Grubb announced in June it had closed a $75 million round of funding toward its goal of investing $400 million in multifamily real estate. “Addressing the severe shortage of essential housing is not only a compelling investment opportunity, it’s also a moral imperative,” said Clay Grubb, CEO of Grubb Properties, as part of the announcement.
Construction of a large residential building on the site would require a rezoning, meaning at least 25 percent of units would be permanently affordable under the city’s Mandatory Inclusionary Housing policy.
Long Island City in recent years has been a hotspot for builders of all varieties.
Three blocks from Grubb’s site, the firm Dynamic Star has requested a zoning change to permit 216,000 square feet of commercial development at 23-10 Queens Plaza South. BLDG filed plans to build an 818-unit building at 42-02 Orchard Street, along Jackson Avenue.
Werwaiss Properties is planning a 230,000 square-foot, mixed-use building at 23-02 42nd Road with 240 residential units and 10,000 square feet of commercial space. Ascent Development is constructing a 130-unit condo building at 45-30 Pearson Street after four years of putting together an assemblage there.