Wednesday, August 5, 2015

Four New Towers Preparing to Rise in Long Island City

The old four-story Paragon Paint Factory in Long Island City will get a new finish — and a massive redevelopment. Midtown-based Baron Development plans to construct a 28-story waterfront tower with 296 rental apartments at the site of the former Hunters Point factory.

The developer acquired the four-story industrial building at 45-40 Vernon Boulevard for $14.7 million in late 2013. Baron is building the tower along with partner CRE Development.

Plans call for 236,230 square feet of residential space and 10,460 square feet of ground-floor retail space. Residential units will begin on the second floor, with nine to 22 apartments per floor. The cellar level of the building will hold a 24-car garage.

The new tower is being designed by SHoP Architects, and will incorporate the existing warehouse building. The rear section of the building at 5-49 46th Avenue will be demolished for the 295-foot residential tower.

The developers also plan to demolish an adjacent structure at 45-28 Vernon Boulevard to create a public park with access to the water next to the new building.

The Paragon Paint Factory site is zoned for manufacturing and owners will need to get a variance to build the planned residential and commercial property on the site.

Baron Development is currently at work on a 430,000-square-foot, 42-story residential tower at 29-26 Northern Boulevard in Long Island City that will include over 400 apartments.

41-21 28th Street

Brooklyn-based developer All Year Management is preparing to construct a 16-story apartment building between 41st Avenue and Queens Plaza North, at 41-21 28th Street in Long Island City.

The 127,000 square foot project will house 139 residential units, along with small commercial space on the ground floor. This Karl Fischer designed building will include bicycle storage, 55 attended parking spaces, storage rooms and recreation space on the roof.

In addition to the small retail space, the first floor will house eight apartments, followed by 16 units each on the second through eight floors. The building will have 11 apartments on the ninth floor; seven each on floors ten through 13; and just three apartments each on the 14th and 15th floors.

A huge penthouse with a 1,000-square-foot roof deck, will top off the building.

Demolition of the existing warehouse began in June, and excavation at the site began earlier this month. Construction is expected to wrap in fall of 2016.

All Year Management purchased the warehouse at 41-21 28th Street, last year, for $17,000,000.The site was previously home to the Buttercup Bake Shop, a part of the famous Magnolia Bakery chain.

45-24 Vernon Boulevard

Just next door to the Paragon Paint Factory project, Long Island City-based CRE Development is planning to demolish a one-story manufacturing facility located at 45-24 Vernon Boulevard, to construct a new 13-story residential building designed by SHoP Architects.

The 52,500 square feet mixed-use development will include 48 apartments and 4,570 square feet of ground floor retail space.

41-15 23rd Street

Developer Isaac Schwartz is planning to build a new 11-story residential building housing 71 apartments at 41-21 28th Street in Long Island City.

The building, designed by architect Karl Fischer, will have 59,200 square feet of residential space. A single-story warehouse and another two-story structure at the site were demolished earlier this year.

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