32 The QUENS Courier • REAL ESTATE • JANUARY 29, 2015 for breaking news visit www.queenscourier.com Developing Queens: Hunter’s Point South ▶ real estate is an example of what the city needs BY LIAM LA GUERE lguerre@queenscourier.com @liamlaguerre Frank J. Monterisi Jr. is a senior vice president at Related Companies, where he is responsible for overseeing residential developments in New York and Chicago. Since joining Related in 2007, Monterisi has overseen the construction of 4 million square feet of residential housing valued at more than $2 billion. A native of Whitestone, Monterisi returned to his hometown to manage the Hunter’s Point South Living development in Long Island City, which will bring 925 permanently affordable apartments to the area. However, there were nearly 93,000 applicants for those units. La Guerre: So you’re a Queens native? Tell me about growing up here. M o n t e r i s i : I grew up in Queens. I went to Holy Cross High S c h o o l . There are two things that I wanted to be in my life. One was a marine and the other was a real estate developer. I went to the Naval Academy with the intentions of being a naval officer. I got nominated for the academy by Congressman Tom Manton and his office was in Long Island City. I remember going to my interview for the nomination on Queens Boulevard. Just think, 20 years later I would be building buildings in his district. La Guerre: What’s changed in Long Island City that you like or don’t like? Monterisi: C h a n g e s that I like are there are many new restaurants that popped up, new places, more people moved in and there is more density so things are getting built up and that is a good thing from a real estate developer’s perspective. La Guerre: With the influx of this developing boom, the industrial sector of Long Island City is being threatened. Where do you stand on this issue? Monterisi: New York needs more housing. At the same time there is a look and feel that as authentic, native New Yorkers, you want to see preserved. The two things can co-exist. La Guerre: But what about the possibility of another residential–focused rezoning for the neighborhood? Monterisi: That is a good thing, because we need to find neighborhoods for growth. We need to find places to build affordable housing like Hunter’s Point South, which will stay affordable so that New Yorkers can stay in New York and we don’t see the flight of people getting priced out. La Guerre: What does it say about this city when you get 93,000 applications for 925 units in the Hunter’s Point South buildings? Monterisi: All those people, the average everyday New Yorker, what’s at the top of their list? To find a nice place to live without horrible rent stories. La Guerre:What is the next step in the process for future tenants? Monterisi: We just got the list from the city last week, and now there is an administrative process and after that happens we will start calling people and inviting them to meet our team and talk about the buildings. We are hopeful that by springtime we’ll have places for people to move into. La Guerre: What will people be most amazed at when seeing this project when they step into it for the first time? Monterisi: The views are off the charts — it’s some of the best views in New York City. When people get into the building they are going to say to themselves, “I know people that live across the river and pay three times the rent that I am paying for the same apartment.” Photos courtesy of Related Companies “Exceeding your expectations.” PATCHOGUE Better Than Brand New; This 3 Bedroom, 1 Full Bath Ranch Has Been Completely Renovated Sparing No Expense. Delight Your Senses In This Bright & Airy Home Featuring Granite, Stainless, Marble & Wood. Brand New Roof, Windows & Doors. Explore The Fabulous Fun & Activity Filled Village Of Patchogue. Close To Maintenance Free Living For Just $279K. MARIA PASCARETTI myrealtor925@verizon.net • (631) 741-7156 ••• Call Maria today to schedule a showing! ••• Newly constructed Whitestone office building starts search for tenants BY LIAM LA GUERE lguerre@queenscourier.com @liamlaguerre The marketing campaign for leasing in the Whitestone Expressway’s new office building is about to kick off, and real estate firm CBRE was named the quarterback to market the property. The glassy, newly constructed 16-16 Whitestone Expwy. building boasts about 60,000 square feet for office space, half of which will be occupied by the owner, the International Union of Operating Engineers Local 30 Pension Trust Fund. It is expected to be completed by summer and the asking price is $50 per square foot. CBRE will be looking to fill the other 30,000 square feet of space in the six-story building. The new structure features on-site parking, various utilities and is LEED Gold certified, which is the second highest level of green-friendly rating by the U.S. Green Building Council. The building offers numerous green measures, including solar power. Future tenants can expect about 40 percent energy savings, according to CBRE. “This state-of-the-art, energy-efficient office property stands alone in the market and serves as a model for new building development in the area,” CBRE’s Roy Chipkin said. “In addition to being the only new construction ‘green’ building in Queens, this exceptional, highly visible property offers convenient access to a number of major roadways.” CBRE was also the firm that handled marketing for the sale of the property in 2011, which was sold by Skanska USA Civil Northeast for about $12.5 million. Skanska’s old building was partially demolished after the sale.
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