Demolition work is underway for a structure at the site of an upcoming 23-story mixed-use building at 45-40 Vernon Blvd. in Long Island City.
Formerly the site of the Paragon Paint Building, the derelict structure now has a hallowed framework. Scaffolding and netting have covered its main eastern elevation.
The former Paragon Paint Building will be repurposed into the podium of the upcoming tower. The restructured building will extend to the west, with the mixed-use tower expected to be built there. A landscaped plaza will take up the cleared space to the south, extending to 46th Avenue. Another public plaza, with waterfront access to Anable Basin, will be featured just north of the property. Factoring in the plazas, a total of 20% of the development will be dedicated to outdoor space.
Once demolition is complete, construction will begin on a new mixed-use building that will stand 262 feet tall and cover 192,500 square feet. It will be comprised of 226 residential units and commercial space on the lower level.
The mixed-use building was designed by Archimaera. ZD Jasper Realty, the developers of the upcoming tower, purchased the development from Quadrum Global, Baron Property Group and Simon Development for $47 million in the spring of 2024. The anticipated date for this building’s completion is Fall 2026.
The three previous owners of this development had initially invested $14.6 million towards converting and expanding the Paragon Paint Building into a mixed-use property in 2013. Plans for a 28-story building with 296 units were announced in 2015, but the scope was revised in 2022 into its current configuration after facing community opposition.
In addition to the $14.6 million investment in converting the property, the three previous owners also spent $13 million to remediate the site under the New York State Brownfield Cleanup Program. Work included clearing the contaminated soil, treating groundwater, and replacing the timber bulkhead/seawall along the Anable Basin.
