SB Development Group and Heritage Real Estate Partners enter partnership in order to build new condominium project in LIC
A partnership between two development groups has been created in order to bring more condos to the Queensboro Plaza area of Long Island City. The two groups that have joined forces are SB Development Group and Heritage Real Estate Partners. According to reports, they intend to build a huge condo project in a triangular lot addressed at 41-05 29th Street. The development will span 100k square feet.
According to SB Development co-founder, Joseph Stern, there were a lot of obstacles the partnership had to challenge in order to build something this size. The triangular-shaped lot has problems of its own, but they wanted to build something different and creative in the neighborhood. The number of units has not been decided yet, Stern declared. The architecture firm behind the design will be Fogarty Finger.
This project will be almost unique in the city. Most of the condos in the neighborhood are along the waterfront, whereas the Queensboro Plaza is often chosen to be the home of rentals. Nevertheless, this is slowly changing and this new building is a proof of that phenomenon. [The Real Deal]