A 16-story building in Rego Park has been revamped and units in the fully-amenitized rental building are now available for lease.
The building, located at 62-60 99th Street, has been renamed ‘The Drake’ and 100 of the 419 apartments are now available with prices starting at $2,000 per month.
The building was purchased in 2016 by Madison Realty Capital for $135 million, the largest investment sales transaction in the history of Rego Park, according to local brokers. Madison bought the property from New Jersey-based Treetop Development, which had invested millions of dollars upgrading the 1960s-era building.
“Named after a historic cinema, which was a lively social and cultural center in the 1950s, The Drake honors Rego Park’s rich history, while delivering upgraded high-end apartments to an area dominated by Tudor-style homes,” said Eric Benaim, CEO and founder of Modern Spaces.
6 comments:
"I hate the Drake"-George Costanza
I am not sure what to think.
Is $2,000 an affordable apartment or a luxury apartment?
What is so historic about the Drake. Give me a break.
They will build Euro-Balkan looking computer designed shitboxes right to the property line anyway because zoning and laws mean nothing in this dam city.
To add, penalty's and fines for violating a stop work order are nothing more then chump change taxes to get things done.
Rego Park and Forest Hills are fast becoming crappy neighborhoods!
I remember when Saxon Hall now the Drake got built. What a monstrosity.
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