History in the making: Eastern Star Development planning huge sellout happening in Queens
Historic sellout in Queens
One of the most expensive offering plans in the history of the borough has been submitted. Anthony Hu, owner of Easter Star Development, is targeting a sellout of $253.3 million. The property on sale is a bundle of 182 condominiums. These bundle will be located at the soon to be inaugurated Star Tower, in Long Island City. This information comes directly from the Attorney General’s office of the State of New York.
The first development plans for the site were submitted back in 2007 by Roe Corporation. The construction was going to be located at 27-17 42nd road. In order for this project to develop, it was necessary to demolish a five story commercial building that was occupying the land. Even though sales were launched, it was never completed and this corporation sold the land without any skyscraper to Eastern Star. Eastern Land Development paid $44 million for the area in 2014.
Prospects and planning
The owner of the land since 2014, Eastern Star has already started construction. Reports say the building should be completed by the end of this year. 75% of the units will be one-bedroom apartments, while the 25% remaining will be two-bedrooms. The average asking price is about $1.4 million. This is a higher than average number for similar luxury condos in the area.
A waterfall Jacuzzi room was originally included in the submitted plans, back when Roe was in charge, but so far no area has been destined to this purpose, according to the current construction plan.
Even though Hu could not be reached for comment, if this transaction takes place it would be a historic one for the area. The $253.3 million sellout would be the second most expensive in the Queens area and the most expensive to be successful. A more expensive project was nixed when the project was sold to Durst Organization. As far as financing goes, Eastern Star has taken $60 million in loans from Cathay Bank. [The Real Deal]