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New Development | 21-21 44th Drive

What’s going on at this site at 21-21 44th Drive?

It seems as though that a partnership between the Slate Property Group and the Carlyle Group have plans to build a 88-unit condominium. According to permits and plans filed, the mixed use property will have 35 parking spaces, about 1,300 square feet of commercial use and over 85,000 square feet for the residential units.

An office property and parking lot currently occupy the space that sits next to The Industry condominium at 21-45 44th Drive. Condos in The Industry are now marketed and selling for above $1,000 per square foot according to Street East and asking for rents at about $50 per square foot. If this is to be an indicator for Slate and Carlyle’s project, it looks like a good return for a property they paid between $20 million and $25 million according to some sources. That would be between $230-$287 per buildable square foot.

According to Slate’s David Schwartz as reported by The Real Deal. “There are so many rentals in Long Island City at really high prices,” Schwartz said. “It’s easy to sell condos in that market.”