47-16 Austell Place – New Development – Long Island City – VIDEO
47-16 Austell Place – New Development
The Manhattan-based Emmes Asset Management Company has been busy try to reform the real estate landscape of Astoria/LIC recently.
First, they bought the six-story building at 35-37 36th Street for $30 million last year — a current home of popular Studio Square Beer Garden. And now they have taken over the industrial commercial building at 47-16 Austell Place in Long Island City, awarding former building owner Jeffrey Wu a $13.5 million price tag.
The development group plans to transform the property into a multi-tenanted commercial complex, according to the Queens Brownstoner.
Similar to the burgeoning tech triangle in Brooklyn, the Emmes Asset plans to “attract emerging, high-growth tech, advertising, media and information companies that were priced out of Manhattan,” an associate with Emmes Asset told the Brownstoner.
Other renovations include a new facade, lighting, flooring and refurbished rooftop space, the Queens Courier stated.
Renderings were released on Brownstoner recently, and the project is expected to be complete by the fall of 2015