From Crains:
TF Cornerstone recently closed on a $265 million construction loan for what will be the developer's largest luxury rental tower along the East River in Long Island City, Queens. The 820-unit, 40-story tower will be the second to last building to rise in the former industrial area that once housed a Pepsi-Cola bottling plant, among others. When complete, the developer's 20-acre waterfront development, simply dubbed East Coast, will boast a total of more than 3,000 apartments.
TF Cornerstone expects to fetch rents in the high-$40s per square foot to low-$50s per square foot for apartments at 4615 Center Blvd., according to Mr. Shell. The developer expects to close on financing and begin construction on the final 585-unit rental project building in East Coast, which will go up at 4610 Center Blvd., by the first half of 2012.
11 comments:
Exactly what's needed there!!!
WOW, it looks like Queens is becoming the next.....Queens.
Most LIC "luxury" residential units off the the waterfront are struggling to rent.
Will they put 3,000 more along the water? Well that's what they'll have to do in order to sell them.
No one will want to move from Manhattan to have the only view to be native Queens residents.
Maybe these REIT corps just need the gross losses as tax writeoffs.
Gary took the words right out of my mouth!
I challenge Maloney, Nolan, Van Bramer to sit down with the cameras rolling and talk to the people who are being displaced by this and paid for this with their taxes.
You know, veterans, voters, good citizens that have raised their families and have suffered for decades while city policies did its best to destroy their community, then suddenly wants them to disappear now that the White Man wants their humble homes - a travesty in full view of the United Nations?
Mmmm, the 7 train will be even more fun to ride in the morning. Too bad the poor suckers who will live in LIC will be at the last stop before Manhattan.
Ya figure with 5000 people you would have a decent night club or three or a venue where you could hold more then 25 people for a live band.
"Ya figure with 5000 people you would have a decent night club or three or a venue where you could hold more then 25 people for a live band. "
Yea because these trustfund midwest hipsters need somewhere to go to spend their parents money.
Again no middle class housing options. Where are the $30,000-$75,000 workers going to live ?
Again no middle class housing options. Where are the $30,000-$75,000 workers going to live ?
That is your problem - if you are always polite around the pols then you are not important.
The squeaky wheels gets the grease in politics.
The whole world is in financial crisis - where it the money that is propping up the NYC real estate market coming from?
My gut feeling is that there is massive money laundering going on here.
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