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47-16 Austell Place, Progress Update

47-16 Austell Place’s makeover continues. The Emmes Asset Management property is begining its reconstruction and Queens Courier has acquired a new rendering of the facade. According to the report, local artists will play a role in the design of what is to be a new office and retail building.

The four story building, which was reportedly purchased for the price tag of $13.5 million in the first quarter of this year is expected to be ready before fall. The building is looking to match the existing streets of cobble stone both inside and out, with new windows throughout the building as well as the new facade. Before Emmes purchased the building, it housed a zipper factory. With manufacturing leaving Long Island City, these vast loft buildings that are not zoned for residential use are ideal for office conversions for TAMI tenants.

With the LaGuardia College nearby, Emmes hopes that 10,000 square feet of new retail will be attractive to the students as well as their own tenants who are expected to pay up to $35 per sqaure foot for office space. Across the street, Time Equities is currently looking for a buyer for their 47-37 Austell Place property. Stay tuned as QueenBeans.com brings you all the progress at Austell place.

The full report can be seen on QueensCourier.com.