Lenox and LIC Residential Developments Return to Life
- Jul 22, 2011
After receiving a $28 million low-interest construction and permanent loan through the Housing Asset Renewal Program, Queensboro Development will re-start a long-stalled residential development in Queens. The mixed-use development, located at 23-10 41st Ave. in Long Island City, will receive $7.6 million, or $70,000 per unit, in subsidies. According to Crain’s New York Business, Queensboro Development is the project’s third owner; in June 2009 the company bought the site for $6.4 million and plans to invest $6.3 million in equity.
According to the master plan, the Long Island City project will include 17 units designed for households with annual incomes of $79,200 or less for a family of four and 91 units for households with annual incomes of $102,960 or less for a family of four. It will also include 31 studios, 42 one-bedroom units and 36 three-bedroom apartments for rent, and eight market-rate condo units will be available for sale. The project also includes 16,481 square feet of retail space and 30 parking lots. The construction has already begun at the site and is scheduled to be complete by spring of 2013, informs Crain’s.
Another market-rate condo development coming back to life is the Lenox , a 12-story concrete and steel residential building located at 380 Lenox Avenue in Central Harlem. As reported by the Wall Street Journal, the project was put on hold during the recession but the developer, Harlem-based Uptown Partners, has emerged from bankruptcy. According to Lewis Futterman, an Uptown Partners representative, the Lenox condos’ sale price now range from $630,000 to$925,000, or between $475 and $630 per square foot. When the site was launched during the real estate boom, prices ranged from $550 to $725 per square foot.