FOR BREAKING NEWS VISIT www.couriersun.com NOVEMBER 27, 2014 • REAL ESTATE • THE COURIER SUN 37 ▶ real estate Construction progressing on boxy mixed-use building on Jackson Avenue BY LIAM LA GUERRE [email protected] @LiamLaGuerre Not long ago, foundation work was completed for an 11-story mixed-use residential and retail building in Long Island City. Now construction work is moving ahead on the ODA-designed project, and the lower levels of the 22-22 Jackson Ave. building are starting to take shape. A construction poster at the site says the building is due to be completed by the summer of 2015. The building, which is directly across from the crumbling 5Pointz site and MoMA PS1, will have more than 5,500 square feet of retail space and 175 rental units, according to filings with the Buildings Department. It will feature an exposed concrete façade, a two-story lobby with lounge and library spaces, a gym, an indoor pool and a roof deck, according to ODA’s website. Rendering courtesy of ODA Photo courtesy of Scott Bintner/PropertyShark LIC Clock Tower and vacant site sell for $77M BY LIAM LA GUERRE [email protected] @LiamLaGuerre Those looking to preserve the Long Island City Clock Tower may be running out of time. Queens Plaza Park Development LLC bought the tower, which was the former Bank of Manhattan building, and an adjoining vacant site for a combined $77 million, according to property records filed with the city on Nov. 22. Community members are hoping to landmark the building on 29-27 Queens Plaza North to avoid its development, according to recently published reports, after LIC Clock Tower LLC bought the tower in May for $15 million, city records show. In just a few months, the price of the tower doubled and sold for $30.9 million. The buyer also purchased the vacant land at 29-37 41st Ave. for $46.3 million. The vacant site has more than 205,000 buildable square feet. Queens-based developer Steve Cheung purchased the vacant site for $8 million in 2011, city records show, and last year he filed with the Department of Buildings for a 30-story residential tower with 242 units at the vacant site. Plans for the Clock Tower site have yet to be filed with the Buildings Department. Broker Of The Week SUSANNA HOF Terrace Sotheby’s International Realty BY LIAM LA GUERRE [email protected]/@LiamLaGuerre Susanna Hof and her husband Rob are owners and lead brokers of Terrace Sotheby’s International Realty. Hof has deep roots in Forest Hills, where real estate has been part of her family for generations. She is actively involved in neighborhood organizations, working to improve and preserve those qualities that make Forest Hills a unique community within an urban metropolis. Hof recently spoke to Real Estate Editor Liam La Guerre about the residential market in Forest Hills. La Guerre: Why should people move to Forest Hills? Hof: People who know Forest Hills would agree that it’s very unique. It’s in New York City and it takes only 13 minutes to get to midtown Manhattan from Forest Hills, but it has the look of the suburbs. La Guerre: What makes it appealing? Hof: Here in Forest Hills, you honestly get more bang for your buck. It has a very lively atmosphere with many great restaurants and the West Side Tennis Club. How many places can you live this close to Manhattan and have a country club with a junior Olympic-sized pool? Throughout the whole community, there are little parks that are often filled with children playing. We also have Forest Park, where there is horseback riding, a golf course, playgrounds, and jogging paths and bike paths. It’s quite an astounding number of factors that people are looking for. La Guerre: Has the Forest Hills Tennis Stadium, which recently started playing concerts again, added value to neighborhood? Hof: I think the concerts have been working out really well. They are bringing people here so that they see the community, but it’s adding an element of hip to the area. If you add this hip element to it, mixed with good restaurants and fun places to go, it kind of becomes something for everybody. La Guerre: What are the residential prices like compared to other areas in the city? Hof: Here prices have risen significantly in the past three years. We found this year that houses selling under the $2 million point have multiple offers the first week. La Guerre: In terms of Queens, the borough is selling at a slower pace than last year. From your experience has it been the same in Forest Hills? Hof: No, definitely hotter. Things are selling very quickly. Over the $2 million point things are a little tougher, but under $2 million things are just flying off the shelves. It’s the price point that people can afford. What used to be a year ago $1.1 million is now definitely a strong $1.5 million. And what was $1.5 million is now $1.9 million, because of the increase over the year. La Guerre: How diverse is the residential market in Forest Hills? Hof: Forest Hills is a very diverse community. It was founded to be diverse, and in that sense there are all different size houses. There are Photo courtesy of Susanna Hof smaller townhouses, there are medium-sized detached houses, and there are larger, more estate-like properties, and there are condos around the gardens in Forest Hills and newer ones being built in the neighborhood. There are also co-ops and rental buildings. La Guerre: With the recent completion of luxury condo building The Aston, do you think developers are noticing Forest Hills? Hof: I think they are looking at where we are — 13 minutes from Manhattan — and the cost of real estate in the city, so they are seeing this as very desirable living situation for people who are looking to go into the city but want to live outside the city. La Guerre: How do you see Forest Hills transforming in the future? Hof: Homes in Forest Hills Gardens have strict architectural standards. You can’t tear down those houses. People can’t come in and take down an old Tudor. It just can’t happen and it won’t happen. In terms of Queens Boulevard, there was a change in zoning upping the stories. And those older, lower story buildings will probably be taken down and things like The Aston will replace them. In terms of Austin Street, it would be nice if that could be upgraded. Hopefully with a new interest in this direction that would improve the area.
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