Tallest Building in The Outer Borough Will Be Mostly For Renters
Supertall towers in Manhattan are set to cater to condo buyers in new heights—literally, but the tallest building that is set to be developed in the outer boroughs are dedicated to renters.
The 914-foot-tall residential building, Queen Plaza Park, which Property Markets Group and the Hakim Organization are developing in Long Island City, is setting aside a majority percentage of its 800 apartments as rental units.
The upper floors of the buiding will be “condos and the other two thirds will be rental,”, according to Andy Gerringer of the Marketing Directors. He is also the project’s new-development marketing consultant.
The development team approached the project cautiously when it came to the unit mix and pricing, as it is being built in a neighborhood that is “still an emerging market,”.
Condo market in Long Island City has been a topic of debate since new developments brought renters, who are also attracted by the neighborhood’s easy commute system into Manhattan.
To date, this area has added 6,400 rental units in the last nine years, according to figures from the Long Island City Partnership.
Condo development has also added about 2,200 units by comparison. Prices on for-sale apartments hit a milestone last year as its transactions closed the $1,000-per-square-foot mark for the first time, according to a report by ModernSpaces.
Prices in LIC have remained over the $1,000 mark for three of the last four quarters. “You certainly had condos in Queens before Lehman,” said the new-development specialist Nancy Packes. “All along Jackson Avenue is condos, so there’s a strong precedent.”
Renderings were revealed recently for Queens Plaza Park which shows the glass spire climbing 70-plus stories, with the 88-year-old Clocktower Building at its base. The project will reach such heights once completed in 2018, with the help of air rights from the Clocktower site and those PMG purchased nearby from the Metropolitan Transportation Authority for $56 million.