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.
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.
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