38 The QUENS Courier • REAL ESTATE • december 25, 2014 for breaking news visit www.queenscourier.com ▶ real estate First QNS Real Estate Conference set for February BY LIAM LA GUERE [email protected] @LiamLaGuerre The growing Queens real estate market TALK OF SUNNYSIDE YARDS MEGA DEVELOPMENT CHUGGING ALONG By Liam La Guerre [email protected] @LiamLaGuerre Proposals to redevelop the massive Sunnyside Yards are building up steam after decades of discussion as more key players in the rail yard’s future are weighing in with some specific ideas for what can be built there. Assemblywoman Catherine Nolan was the latest to express her ideas about what to do with the massive 160-acre rail yard. Nolan said upgrading the existing community must be considered first when developing the rail yard, referring to an ambitious plan by former Deputy Mayor Daniel Doctoroff and SHoP Architects to build a massive convention center and housing complex over the site. Developing the Sunnyside Yards has historically been a touchy subject — one that began heating up recently after then Community Board 2 Chair Joseph Conley introduced the idea to conduct a publicly-funded feasibility study to figure out what could be done with the yards, which was first reported by The Courier in October. Last month Doctoroff penned an editorial in the New York Times about his plan, which includes moving the 1.8-million-square-foot Jacob Javits Convention Center over the rail yards and expanding it to 3.1 million square feet, while also creating 14,000 new housing units — 50 percent of which would be set aside as affordable — and adding an office and retail complex and public green spaces. But Councilman Jimmy Van Bramer has not stood behind the plan, and instead voiced concern for current residents. “What we need is more green space. We need a lot more schools, we need more school buildings, already based on the number of kids we have today, and not including any new kids,” Van Bramer said. “We need better transportation options — the 7 train is already over capacity. And yes we need affordable housing and we are very supportive of more affordable housing being built, but it can’t come at the expense of the quality of life that the people experience in the neighborhood today.” Many of his constituents have opposed development of the yards. A petition against a development project at the site started by locals following the Doctoroff editorial has garnered about 250 signatures. But industry experts seem to think not using the land would be a waste. “I think that Sunnyside Yards represents an enormous opportunity for Queens and for the city and one that is certainly worth exploring more closely,” said former city Economic Development Corporation President Seth Pinsky, who is now a vice president at RXR Realty. “The big challenge will be to figure out how to get the right mix of uses. It’s too big an opportunity to ignore.” Although he has not shown support for it, Van Bramer said if the project is to move further a study must first be done on the proposed usage of the land. “I think that if there is a next step the city might want to take a look at some feasibility issues and see what’s possible,” Van Bramer said. “I’m not sure anything needs to be done quite frankly.” will soon have a forum where industry leaders can gather to network and discuss opportunities across the borough. The premier QNS Real Estate Conference will be held on Feb. 26, 2015, and will feature top real estate firms that are investing in the borough, while welcoming prospective developers, owners, architects and other industry members. Star Network and The Queens Courier, in association with the Real Estate Board of New York (REBNY), are hosting the event, which will include a keynote address by Pat Foye, executive director of the Port Authority of New York and New Jersey. Real estate website PropertyShark and Flushing Bank are sponsoring the conference. “This event is a great opportunity for the public to learn about the latest trends and investment information in Queens from the top people in our industry,” said Jamie McShane, REBNY senior vice president for communications. “Queens is becoming increasingly important as we have seen projects from Astoria Cove to Hallets Point, and projects at Queens Plaza South and the Long Island City waterfront, as well as Willets Point. And the members of the REBNY are very involved with a growing number of exciting projects in Queens, our largest borough and the most ethnically diverse county in America.” The event will be at Terrace on the Park at 52-11 111th St. in Flushing at 8 a.m., beginning with breakfast and ending with three panel discussions. The panel discussions will focus on why big investment firms are coming to Queens, the experiences of major developers already based in the borough and experts’ perspectives on the market in Ridgewood. “The Queens market has huge opportunity, and this event will shed light on the power of it,” said Josh Schneps, copublisher of The Courier. “This event is a perfect platform to do so for the industry. We hope people interested in the Queens market will attend and hopefully make investments in the borough.” For more information, visit http:// queenscourier.com/reconference/. Photo courtesy of Jim Henderson/ Wikipedia Commons Rendering courtesy of SHoP Architects
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