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New Look at the 44-Story Rental Tower Rising Next to Silvercup

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The Wall Street Journal has availed another look at the 44-story, 391-apartment rental tower that's coming to Long Island City at 23-10 Queens Plaza South. The Property Markets Group, Kamran Hakim, and New Valley LLC-developed building is rising atop a warehouse that will be converted into a parking garage and loft-like office spaces. The Journal reports that the SLCE-designed building, which should be complete in about 20 months, will ask rents in the mid $50's-per-square-foot range, which, according to StreetEast data is just north of average for the neighborhood.

The building is rising one block east of Silvercup Studios, whose $1 billion mixed-use expansion seems to finally be moving forward after years of uncertainty. The expansion got a near-unanimous okay from Queens Community Board 2 in the beginning of October, ahead of seeking approval from the City Planning Commission. If all goes according to plan, Silvercup West, as its known, will bring eight sound stages, an office complex, 1,000 apartments, a 1,400-car garage, and cultural and retail space to the immediate area. Needless to say, if both projects push forward, the skyline in that two-block radius will get a little more crowded.
· What's the Deal? ... Lenders Love Rentals [WSJ]
· All 23-10 Queens Plaza South coverage [Curbed]
· All Silvercup Studios coverage [Curbed]