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    Residential Development Remains Strong in Long Island City

    What's New in New York:

    Long Island City is one of New York's fastest-growing neighborhoods since rezoning led to an influx of reinvestment and redevelopment in 2001. The neighborhood's excellent transit access and an ample supply of underdeveloped properties are only a few of the qualities attracting developers to the area today. Today, several mixed-use and residential projects are beginning to take shape across the neighborhood - including the city's tallest skyscrapers to date. Here's a look at the projects on track to be completed in late 2023 and early 2024.

    Excavation Underway for Residential Development

    Real estate investment firm Grubb Properties and general contractor Consigli Construction are in the early stages of developing a 26-story residential building in Long Island City, Queens, on a lot purchased by the firm in 2021 for $63 million. Vertical construction is slated to begin next fall, with an expected completion date in late 2024 or early 2025. Once completed, the residential building will stand 311 feet tall, contain 417 units (124 of which will be reserved for affordable housing), and include 7,600 sq. ft. of retail space.

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    New Skyscraper at 27-48 Jackson Avenue 

    A 69-story skyscraper is in the early stages of development at 27-48 Jackson Avenue in Long Island City. Led by real estate investment firm Building Orchard LLC, the development will total 635,000 sq. ft. and include 818 residential units, 11,700 sq. ft. of retail space, a two-story parking garage, and outdoor recreational space upon completion. The construction team has prepared the land and framed much of the concrete foundation, walls, and underground structure. Vertical construction is slated to begin this spring, and the project is expected to be completed in 2026.

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    Mixed-Use Project Superstructure Progresses

    Real estate developer, Gang W. Realty, will soon begin vertical construction on a five-story mixed-use project in Queens. The 27,850 sq. ft. building will contain 20 residential units, ground-floor retail space, and parking space. A steel-framed superstructure now reaches up to the second floor of the building, and construction should top out by the middle of 2023. The firm expected the project to be completed by next fall, although early 2024 may be more likely.

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     Maximizing Returns - A Real Estate Developer Recession Guide (1)

    Tag(s): New York Digest

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