Back in 2012, a consortium of developers led by Property Markets Group scooped up two adjacent lots in Long Island City from the Kraupner Group for $37 million. The 14,920-square-foot parcel at 23-01 42nd Road was redeveloped into the 391-unit rental 1 QPS Tower, which when opened in 2017 was the tallest residential building in Queens. The larger lot next door, 23-10 Queens Plaza South, continues to hold a 5-story industrial loft building, but a newly-surfaced rendering shows larger plans may be in store.
Built in 1920, the Art Deco-style building once held the production facilities for the Eagle Electric Company. Shortly after acquiring the development sites, PMG founder Kevin Maloney
told The Real Deal
that he planned on tearing down the industrial building and replacing it with a 110-unit residential loft building. Now, five years late, a vision has surfaced from partnering developer Dynamic-Star depicting a sizeable office tower with colorful cross bracing piggy-backing above the pre-war structure. Coincidentally, one block east, Greystone Development is building their own loft-topper at 24-16 Queens Plaza South. That 23-floor scheme is designed by Wood Bagot and will hold 117 rental units.
23-10 Queens Plaza South (Dynamic-Star)
Dynamic's website says the rendered office block is designed by SLCE, who were also the architects behind 1 QPS Tower next door. The description says the tower would rise 24 stories and encompass 400,000 square feet of office space — making it one of the largest blocks of commercial space in the neighborhood.
Though new development in LIC's Queens Plaza district has been overwhelmingly residential, the successful lease-ups of Tishman Speyer's Two Gotham Center and The JACX may reassure developers that Long Island City is prime for more commercial back-office space.
The site overlooks the elevated Queensboro Plaza subway station which provides supreme access to Manhattan via the 7, N, and W lines. Like its big rental sister, future occupants would enjoy terrific views of the '59th Street Bridge' and Midtown skyline.
Capture of the former Eagle Electric Factory building (Google)
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