■REAL ESTATE BY LIAM LA GUERRE [email protected] I @LiamLaGuerre Developer unveils rendering of new building planned for Astoria parking lot Developers of a large mixed-use residential and commercial project in Astoria unveiled the first rendering of what the project will look like once it is completed. The parking lot at 31-57 31st St., which was recently purchased for $17.35 million, will become a seven-story, 114-apartment building designed by SLCE Architects. The building is set to open in 2016. The construction plans include nearly 23,000 square feet for retail and more than 130 parking spots, according to a published report. The new development, which will be marketed by MNS Real Estate, will contain a mix of studios, one-, two- and three-bedroom apartments. LIC industrial facility on sale A large, under-utilized industrial property in Long Island City that can legally be used for buildings seven times larger than what is currently on the site is being listed for sale, according to global real estate firm Cushman & Wakefield. The property includes several buildings that have a total of 26,113 square feet of space. But the site can legally accommodate buildings with as much as 200,500 square feet of space, according to the real estate company. The facility is located at 50-09 27th St., close to major highways such as the Long Island Expressway and Midtown Tunnel, as well as the Pulaski Bridge, meaning it could be attractive for distribution companies looking for easy access to Manhattan and Brooklyn. “This area is quickly emerging and its close proximity to several mega projects as well as transportation options makes this an extremely appealing site for both users and investors,” said David Chkheidze of Cushman & Wakefield, who is marketing the property with Conrad Martin. The property was sold by Harsco Corporation to a group of companies for $9.5 million in 2008, according to city records. Rendering courtesy of MNS Real Estate Why the city plans to build a second LIC ferry dock The city plans to build a second ferry dock on the Long Island City waterfront to cope with the overwhelmed 7 train and a projected flood of new residents to the neighborhood in years to come. The new stop will be a completely new dock separate from the existing Hunters Point terminal, which is part of the East River Ferry network, but will be necessary as thousands of new housing units are completed in the area. The proposed citywide ferry system Mayor de Blasio unveiled earlier this year shows the new ferry stop, called Long Island City – North, which is already receiving cheers from residents and experts, although it won’t be operational until 2017. “Expanding ferry service along the lengthy LIC waterfront is a must and in fact we need two more stops, not one, to maximize the benefits of our waterfront both culturally and economically,” said Elizabeth Lusskin, president of the nonprofit Long Island City Partnership. The new landing doesn’t have a definite site yet, according to a representative from the city’s Economic Development Corporation. But the city is “working closely with property owners to determine the exact location,” which will be a newly constructed landing paid for from a portion of the $55 million for the citywide ferry system capital investments. That’s the official word today, but the EDC’s September 2013 Citywide Ferry Study indicates that the Long Island City – North dock would be somewhere near 47th Road and Center Boulevard. This is notable, because the nearest train station, Vernon Boulevard on the No. 7 line, is about a 10 minute walk away. It will be beneficial for future residents, especially since the population will balloon in coming years. More than 10,500 residential units will be built by 2018 around the proposed Long Island City – North ferry landing, according to the Citywide Ferry Study. The study also forecasts that the Long Island City north dock to the Pier 11/ Wall Street stop would be the most popular for riders in the proposed new ferry routes, accommodating an estimated 1,542 daily patrons by 2018, because of “ambitious development projects.” Despite the potential of the ferry service, residents don’t want the city to believe just implementing more ferry service will be the only thing they can do to improve transportation for the booming neighborhood. Photo courtesy of Cushman & Wakefield
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