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Old June 17th, 2014, 12:57 AM   #1
desertpunk
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NEW YORK | Queens Plaza & 28th St. |128m | 420ft | 42 fl | Pro

Long Island City Megaproject Could House 1,600 New Rentals



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A giant new megaproject is coming to Queens Plaza in Long Island City. H&R Real Estate Investment Trust has teamed up with developer Tishman Speyer to plan a "landmark luxury residential rental development" next to Gotham Center, an office building at Queens Plaza and 28th Street. The adjacent parcel in question can accommodate a tower of up to 1.2 million square feet, and a press release posits that there could be 1,600 rental apartments and 30,000 square feet of retail space, built in three phases.

First things first: construction is set to begin in 2015 on the first phase, a 42-story building with 700 units, with occupancy for those apartments slated for 2017. The price tag of the whole shebang? $875 million.
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