From Lost City:
The inscription above both the south and east entrances tell us it was built as the Queensboro Corporation. That august body, a real estate development concern, was founded in the early 20th century by Edward Archibald MacDougall, who did much to shape the look of Jackson Heights. The corporation spent $3.8 million buying area farms and then, between 1910 and 1920, built many of the handsome brick apartment building, with sumptuous inner gardens, that the area is known for. It also paved and graded streets and installed sewers and sidewalks, all between 70th and 92nd Streets, and Roosevelt and Northern Boulevard. It also built the distinguished series of Tudor structures along 82nd Street.
Here's a photo from 1948 from when the building actually functioned as the Queensboro Corporation.