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Development company acquires $16.2 million Woodside property, plans to replace Walgreens with condo

Woodside comdo coming to Queens Boulevard and replacing Walgreens
The site for the upcoming development at 58-01 Queens Blvd. (Photo via Google Maps)

A brand new condominium offering residents “attainable luxury” is coming to Woodside, according to a New York City-based development and construction management company.

The development will be located at 58-01 Queens Blvd. at a 19,000-square-foot site that New Empire Corp. has acquired for $16.2 million. The single-story Walgreens currently in that location will be demolished to make room for the condo.

New Empire’s plans for the development include 120 studio, one- and two-bedroom units offering “luxe designs at modern prices.” The property will also feature amenities like a fitness center, personal storage, 60 parking spots, a children’s playroom and indoor and outdoor residents’ lounges.

“The acquisition of 58-01 Queens Blvd. and the future development of the site will offer attainable luxury to an already vibrant community,” said Bentley Zhao, New Empire Corp’s chairman and CEO. “In addition to the recent market reports that indicate that apartments in Queens are in limited supply, we believe the property’s optimal location, unique design elements and efficient unit layouts will be a draw to future residents.”

The upcoming Queens Boulevard condo will have views of the city’s skyline and is situated near popular shopping districts, area public schools, libraries and transportation including subways, buses and the LIRR.

This residential development is one of several in Queens for New Empire Corp. Earlier this year, the firm acquired the 9,000-square-foot 24-01 Queens Plaza North, an upcoming condo with over 100 units, which it plans to break ground on in early 2023. The firm also owns The Neighborly LIC at 37-14 34th St., a seven-story condo in Long Island City.

“Having executed transactions in nearby Long Island City, we are confident that this new development will be a value-add property in the community,” Zhao said.

According to the firm, the development is projected to be completed by 2025.

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