8 THE QUEENS COURIER • JULY 6, 2017 FOR BREAKING NEWS VISIT WWW.QNS.COM
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Entenmann’s Bakery in Woodside was sold for $11.8 million.
A 63-story rental complex will be constructed near the Clock Tower site in Long Island City.
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bakery gets bought
BY ANGELA MATUA
amatua@qns.com
An Entenmann’s Bakery outlet shop that has been in the
neighborhood for decades was recently sold for $11.8 million
to a developer that has several projects in the borough.
Th e Chetrit Group purchased the one-story property at
70-50 Queens Blvd. but has not announced any plans for
the building, which is zoned for apartments and retail.
According to the Department of Buildings, the bakery has
been in the neighborhood since at least 1980.
Th e Chetrit Group is owned by Joseph and Meyer
Chetrit. Th ey were described by Th e Real Deal as “one
of the city’s most powerful and secretive real estate families,”
and are developing a number of high-profi le buildings
like the 48-story hotel and apartment tower planned
for Hudson Yards.
In 2011, the company settled a lawsuit accusing the
Chetrit Group for fi ring an employee because he was not
Orthodox Jewish.
Th e former Mary Immaculate Hospital in Jamaica,
which is now owned by the Chetrit Group, is in the process
of becoming a 324-unit apartment building.
In Maspeth, the developers want to turn a number of
warehouses into a mixed-use project. But the property sits
in an Industrial Business Zone, which does not allow for
the construction of residential buildings.
Matthew Fotis of Marcus & Millichap, the fi rm that represented
the buyer and seller, told Real Estate Weekly
(REW) that the sale proves that developers are not just
looking at neighborhoods like Astoria and Long Island
City anymore.
“Th e sale is symbolic of how the boundaries are being
pushed outside of Long Island City, Astoria and even
Sunnyside,” Fotis told REW. “Investors view the border
of Elmhurst and Woodside as a viable location to build
new rental or condo product. It’s not quite as valuable as
other areas of the city, but it is certainly getting a lot of
attention.”
Marcus & Millichap did not respond to a request for
comment as of press time.
Newest LIC high-rise will
feature 763 apartments
BY ANGELA MATUA
amatua@qns.com / @AngelaMatua
A site on Northern Boulevard
in Long Island City that sold for
$173.5 million will add to the
thousands of units scheduled to
be constructed in the neighborhood.
Located at 29-55 Northern
Blvd., the site was purchased
by the Durst Organization last
year and the developers plan to
build a 63-story rental tower with
786,833 square feet of residential
space and 8,702 square feet for
commercial space.
Previously, the Hakim
Organization was planning a
70-story building at the site, but
the organization ran into fi nancial
issues and decided to sell it.
Th e Clock Tower, an 11-story
building constructed in 1927,
sits behind the building at 29-27
Queens Plaza North. It was landmarked
in May 2015. Formerly
the Bank of the Manhattan
Company building, it was awarded
fi rst prize from the Queens
Chamber of Commerce as the
borough’s best business building.
According to LIC Partnership,
the neighborhood development
organization, there are about
9,000 new units slated to be constructed
in 2017, making it the
most number of units in a single
year in Long Island City’s history.
Th e total number of residential
units built in Long Island City
since 2006 will total more than
20,000 by the end of this year.
A new report also found that
a record number of rental units
were built in Long Island City
from 2010 through 2016, eclipsing
other large cities nationwide
that also experienced a spike in
development.
During that six-year time period,
the neighborhood saw 12,533
new units and 41 new apartment
buildings being constructed,
according to RENTCafe. In
comparison, the next neighborhood
on the list was Downtown
Los Angeles, with 7,551 new units
constructed during the same
time.
