What’s New in New York:
Several exciting residential, office, and commercial real estate projects are kicking off in NYC this summer. Renderings and proposals for projects in Manhattan and Queens have recently been released, unveiling plans for new residential high-rises and commercial space in Rego Park and Hell’s Kitchen, and an office development in Long Island City. The projects will address high housing demand across the boroughs while creating new spaces for residents to live, work, and play in. Here are the updates:
Queens High-Rise Renderings Released
Queens-based developer United Construction and Development Group recently released renderings for a three-tower residential complex in Rego Park. The high-rise will be constructed on the vacant 93-30 93rd Street site that’s currently zoned for up to 670,000 buildable sq. ft. Once completed, the residential complex will include over 700 apartments, 806 parking spaces, various amenities, and commercial space for residents and visitors. The site was acquired by United from Vornado Realty Trust, costing about $70 million.
Hell’s Kitchen Residential Tower Renderings Revealed
Real estate developer Excel Development Group recently shared renderings for its upcoming 21-story residential tower in Hell’s Kitchen, Manhattan. The firm purchased the 539 West 54th Street site for $25 million, currently occupied by the 4-story, century-old Church of St. Ambrose. Once completed, the new tower will offer 71 units, amenities, and a community facility on the building’s first two floors. Excel Development Group has not yet announced the project’s anticipated completion date.
NYC Council Approves Opus Point Redevelopment Applications
The New York City Council recently approved zoning amendment applications that will clear the way for the partial demolition and expansion of an existing warehouse at 23-10 Queens Plaza South in Long Island City, Queens. New England-based development firm, Dynamic Star, will oversee the 26-story office tower commercial redevelopment project.
The building, known as Opus Point, will include around 400,000 sq. ft. of Class A office space once completed. It will also include a 14,000 sq. ft. terrace, an 8,000 sq. ft. fitness center, a 4,000 sq. ft. conference space, and indoor storage. The project has an expected completion date of June 2025.