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Residential
New York

One Queens Plaza South hits the market

Bids expected around $275 million

Rendering of One Queens Plaza South
Rendering of One Queens Plaza South

A 391-unit residential building in Long Island City has hit the market, where experts expect it to receive bids of around $275 million.

One Queens Plaza South, which stands 45 stories tall and is located at 42-20 24th Street, opened last year and is already 97 percent leased, according to Real Estate Alert. Property Markets Group owns the tower with the Hakim Organization and Howard Lorber’s New Valley, and a Hodges Ward Elliott team led by Will Silverman, Paul Gillen and Daniel Parker is representing them in the sale.

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The owners previously hired Eastdil Secured to sell the building in 2016, but the effort was unsuccessful. The sales pitch at that time was to sell the units as condos, whereas this time the pitch will focus more on using them as rentals.

All apartments at the building are market-rate, with amenities including a rooftop pool, a rock-climbing wall, a library, a playground, a fitness center and a garage with 62 parking spots. [REA] – Eddie Small

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Hodges Ward ElliottProperty Markets Group