A development site at 24-16 Queens Plaza South in Long Island City was just purchased for $23 million by Greystone Development.
The New York-based development firm plans to erect a 23-story tower to “enhance the Long Island City skyline,” according to a press release. The building will house 117 residential units in a 105,000-square-foot space and will have 3,600 square feet of ground floor retail space.
“Long Island City is a burgeoning market,” said Jeffrey Simpson, head of Greystone Development. “People want to call this area home because of its proximity to culture and commerce as well as to transportation. This residential property is being developed for those who value both form and function.”
The company has tapped architecture firm Woods Bagot to “create spaces that celebrate architectural details inside and outside of the home,” Simpson said in a statement.
The amenities will include an outdoor pool, roof terrace, fitness center, multiple private dining and entertaining spaces including a lounge and screening area, game room and co-working space.
In a joint venture, Santander Bank is providing $39 million for construction financing. Mike Lee, managing director of commercial real estate banking at Santander Bank, said the project will “further enhance the residential landscape in this vibrant neighborhood.”
“With its close proximity to Manhattan and amenities like restaurants, shops and art galleries, Long Island City is becoming an attractive option for those who want the convenience of city living, but desire more living space,” he said in a statement.
According to a spokesperson for Greystone Development, the conversion process has already begun.
