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Long Island City Megaproject Could House 1,600 New Rentals

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A giant new megaproject is coming to Queens Plaza in Long Island City. H&R Real Estate Investment Trust has teamed up with developer Tishman Speyer to plan a "landmark luxury residential rental development" next to Gotham Center, an office building at Queens Plaza and 28th Street. The adjacent parcel in question can accommodate a tower of up to 1.2 million square feet, and a press release posits that there could be 1,600 rental apartments and 30,000 square feet of retail space, built in three phases.

First things first: construction is set to begin in 2015 on the first phase, a 42-story building with 700 units, with occupancy for those apartments slated for 2017. The price tag of the whole shebang? $875 million.

The parcel is bordered by Jackson Avenue to then north, LIRR/Sunnyside Yards to the south, Queens Boulevard to the east, and Orchard Street to the west. The Google Street View shot above from the corner of Jackson Avenue and Orchard Street, looking southeast.
· H&R REIT Partners with Tishman Speyer in LIC Development [CO]