Progress is being made in Long Island City

Real Estate Weekly,  Sept 21, 2005  by John Maltz

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A lot has happened since my first report on Long Island City's growth. The following update should make you an expert on new Long Island City developments.

Queens West--Surprise Up Zone

The fillet of Long Island City, this 20-acre site located from the Tennisport to Newspoint, under the New York City RFP which was won by Elcor, was undevelopable based on the constraints imposed. In an anticipated move, Queens West permitted high-density residential development with a limited commercial component.

5th Street--The New Waterfront

The closest a private developer can get to the East River is 5th Street. In three separate transactions totaling a gross buildable development potential of over 250,000 s/f, Greiner-Maltz represented developers and/or owners of various sites, which will soon be shining hi-rise condo projects. More sites are coming available soon.

Borden Avenue--The New Queens West

With all of Long Island City a redevelopment target for residential/ commercial builders, Greiner-Maltz is spearheading the effort to develop over 25 acres of prime industrial property. Envisioned is a comprehensive land use plan with multiple individual sites being offered to qualified developers for mixed mid-rise residential and commercial development.

Queens Plaza

Greiner-Maltz is helping to reshape the Queens Plaza skyline, having brokered over 640,000 s/f of development deals. Tishman Speyers redevelopment of the Modell's/Municipal Garage into a 1,000,000 s/f office tower created the spark, rezoning of up to 12 times the site area created the means. Greiner-Maltz brokers, recognizing the potential value of the Queens Plaza transportation hub, sold two separate sites, each having a buildable area of 320,000 s/f to residential developers. The residential condo towers planned for these sites will rival the height of the Citicorp building! There are other prime sites available which Greiner-Maltz is currently marketing.

Citigroup Tower--UNICEF Tower

Citigroup, the world's largest financial service company, announced plans this past summer to construct a 14-story, 475,000 s/f building across the street from its 48-story tower in Long Island City. The new $200 million building, to be called Court Square Two, will have space for approximately 1,500 employees and will accompany Court Square One, which was built in 1989 and measures approximately 1.4 million s/f with 4,800 employees. UNICEF is breaking ground for their 600,000 s/f tower, which has been a long-term requirement of this growing international agency.

MetLife Plaza

Brause Realty Inc. and Tishman Construction Corporation recently completed a 12-story, 282,000 s/f building called MetLife Plaza. This latest development follows a $30 million conversion of the 6-story, 404,000 s/f Brewster Building into Class A offices for 900 of MetLife's workers. The new 12-story structure is adjacent to the Brewster Building, and houses an additional 700 employees for Met Life.

East River Tennis Club Site

The former home of the East River Tennis Club at 44th Ave. is now under development for as-of-right, 910 waterfront residential condominiums, lofts, townhouses and possibly rentals. 20,000 s/f of retail space and a 900 car capacity garage will be integrated into the project along with a public waterfront esplanade with an extension of 44th Ave.

Silvercup Studios

Established as the largest independent, full-service film and television production facility in the northeastern United States.

Over five hundred commercials, photo shoots, feature films and music videos are produced at the Silvercup each year and the facility is currently home to such popular productions as HBO's The Sopranos and ABC's Hope & Faith starring Kelly Ripa. They will be developing over four acres of waterfront movie studios, retail and residential property a stones throw from the East River Tennis Club site.

Rockrose Development

Rockrose Development Corporation will construct what composes an integral and unique development project located at the Queens West Pepsi Cola site along the East River waterfront. Situated on 21 acres, the estimated $1 billion project is set to transform the site into a residential enclave with more than 3,000 apartments in seven buildings.

Citylights and Avalon Bay

The Citylights Co-op, completed in 1997, was the first project on the Queens West waterfront. This 42-story tower housing 522 units was designed by the renowned architects Cesar Pelli & Associates and SLCE Architects. The building also contains the Robert Wagner Public School 78Q for children ages pre-kindergarten to 5th Grade.

Gantry Plaza State Park

Gantry Plaza State Park, since 1998, has opened up the Queens waterfront in Long Island City.

Its award-winning design has transformed former industrial space into a flourishing public park with tremendous views of Manhattan. The park's two and a half acres on the East River is the first phase of the planned development of the western Queens waterfront. Two gantries, old shipping lifts, loom overhead, reminding residents of the area's industrial history. The northern, more recent addition is Peninsula Park, a grassy area for barbecues and playing catch.