The two-story, neon Eagle Electric sign, a long-time landmark in Long Island City, that was replaced by a regular billboard over a decade ago, is slated to get a high-profile successor—a 40-story, 400-plus-unit rental tower.
Early this month a consortium of Property Markets Group, the Hakim Organization and Vector Group paid $37 million for 23-10 Queens Plaza South, a prewar Art Deco-style loft building that was once home to Eagle Electric's production facilities, and a neighboring building at 23-01 42nd Road. The plan is to demolish the latter building and, with the considerable air rights afforded by the adjacent factory, construct a brand new apartment tower.
Long Island City has seen a boom in residential development in recent years, but much of the building has been focused along the waterfront. What drew the investors to the Eagle Electric site was a shift in development away from the river—where most properties have been snapped up, if not built up, already—towards Queens Plaza.