Slated as commercial hub, Queens Plaza turns residential

From left: Packard Square North and a rendering of Crescent Club
With the development of Gotham Center complex, the city had long hoped Queens Plaza would be the commercial compliment to Long Island City’s residential boom, but according to the Wall Street Journal, Queens Plaza is becoming a residential beacon, too.

Between 2,000 and 3,000 new apartment units could hit the market in the area in the next three years, led by developers Rockrose Development, Meadow Properties and Heatherwood Communities.

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Heatherwood has purchased four residential development sites in the area, and the first of them is set to hit the market with 142 rental units in a little more than a year at 27th Street and 42nd Road. Rockrose, which has already brought buildings to the LIC waterfront, is planning a $750 million project that will yield more than 1,700 apartments in Queens Plaza. Finally, Meadow purchased the debt on a planned Karl Fischer-designed condo known as the Crescent Club, and will likely complete it as a rental.

Citi Habitats is marketing much of this planned development, and has signed on to consult on five of the new projects totaling 1,500 units. The firm recently leased the last unit at Packard Square North, where studios started at $1,900 per month.

Despite the residential growth, like its waterfront neighbor, Queens Plaza suffers from a lack of retail, the Journal said. [WSJ]