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Circle F Capital is moving full steam ahead on their ground-up Long Island City condo project at 22-43 Jackson Avenue. After clinching a $46.2 million construction loan from Brookfield Real Estate Financial Partners in December 2017, excavators, construction workers, and foundation piles can be seen at the wedge-shaped site at the corner of Jackson and 46th Avenue.
Department of Buildings records show that permits have been approved for an 11-floor, 70-unit building at the lot formerly occupied a single-floor building home to the local 808 pension and health fund union. Circle F Capital acquired the parcel last spring for $23 million
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The selected designers are SRA Architecture + Engineering, who have worked with Circle F on several commercial ventures in Manhattan. A rudimentary rendering that is also posted on the project fence, shows a complex massing filling the site with many setbacks and cascading faces. A 30-foot rear yard will back the building, buffering it from mid-rise from a string of townhouses on 45th place.
The first two floors will be occupied by four retail spaces and residential amenities such as bike storage, a fitness center, communal terrace and a business and meeting room. Above are the residences where there will be between five and nine units per floor. Construction is expected to finish in 2020.
22-43 Jackson Avenue Axonometric drawing and section via NYC DOB
Next door to the project is the classic Court Square Diner which has been a neighborhood fixture since 1945. Also, in close proximity is the Court Square subway and elevated station which serve the 7, G, E and M trains resulting in Manhattan commutes of less than10 minutes. Directly across Jackson Avenue are the topped-out towers of the Wolkoff’s 5Pointz redevelopment. Also, across the busy artery is the ODA-designed rental 2222 Jackson and a new 175-unit condo called Galerie LIC.
According to our listings, the median asking price for a condo in Long Island City stands at $1,195 a square foot. Studios come in at a median of $610K, one-beds at $842,500, and two-beds at $1.32M. Over at the Galerie LIC condo, where sales recently launched, homes are priced at an average of $1,300 a foot, where remaining studios ask from $665K and one-beds from $899,000.
New LIC Condos. From top left moving clockwise: Factory House, The Dutch, The Jackson, 22-43 Jackson, 22-12 Jackson, Harrison
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