Newmark Knight Frank (NKF), a leading commercial real estate advisory firm, has announced that the large-scale redevelopment project, Elms Realty for Urban Yard in Long Island City, has begun its first phase.
NKF, who will represent the Elms Realty project, revealed that the first phase will consist of renovating an 87,000-square-foot office building on 40-09 21st St. The project is set to create 400,000 square feet of office, retail space and a parking garage in five connected buildings surrounding a large courtyard in LIC.
According to NFK, upon completion, 40-09 21st St. will feature 15,000-square-foot floor plates with oversized windows on three sides.
Other additions will include a renovated lobby, tenant amenity center, large elevators, and outdoor areas with serene landscaping and seating. The building will also be equipped with new mechanical systems, including tenant-controlled HVAC.
Urban Yard is located near the F, N, W and 7 lines. It’s also a one-minute drive from the Queensboro Bridge and a five-minute drive from the Midtown Tunnel.
NKF’s Senior Managing Director Bernard Weitzman and Managing Directors Ryan Gessin and Jordan Gosin will represent ownership.
“We are very excited to represent Elms Realty for this very significant redevelopment project,” Weitzman said. “Once renovated, Urban Yard and 40-09 21st St., as the first phase of the project, will become one of the finest new available office options in Long Island City. Ownership envisions making Urban Yard an amenity-rich environment where like-minded companies can acquire talent, collaborate and thrive.”