Alex Lau’s Ampiera Group is set to deliver dozens of units to Queens’ Sunnyside neighborhood.
The developer filed plans for a 63-unit project at 45-07 45th Street, Crain’s reported. The filing comes a year after the developer purchased the site for $11 million.
The 85,000-square-foot project will include 13 income-restricted units. The eight-story, 83-foot tall building will also have ground floor retail space and 25 parking spaces. My Architect is listed as the architect of record.
Lau did not commented on the filing, leaving some questions unanswered about the project. According to Crain’s, no demolition permits have been filed for the one-story commercial building on the site. But YIMBY reported the site is vacant, removing the need for such permits.
YIMBY reported based on unit size, the project will most likely deliver rentals.
Queens’ residential market has been busy in the past year, with rental inventory in Astoria, Long Island City and Sunnyside steadily decreasing steadily since March 2021 to 3,749 available units by June 2022. The borough gained market share last year for new condo sales with a 51 percent gain over the pre-pandemic average, according to Marketproof data.
There were 364 deals in Queens last year, approximately one-fifth of which were at the Skyline Tower in Long Island City, the borough’s tallest building. The median asking price on new development units rose 10 percent from pre-pandemic levels, up to $1,300.
Sunnyside has been a hot neighborhood for developers in recent years, but industrial real estate has proven to be a popular project due to its proximity to Manhattan. Andrew Chung’s Innovo Property Group filed plans last year for a six-story, 682,000-square-foot industrial building at 28-90 Review Avenue. Innovo purchased the property in 2020 from JBL Asset Management for $34 million.
— Holden Walter-Warner
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