Though nowhere near the stratospheric prices seen in Manhattan, new projects in Queens with residential components are making their mark. Flushing Commons, an office-condo valued at $386 million, is the most expensive new project in the borough by expected sellout, according to an analysis by The Real Deal. The project, with 148 apartment units, appears to be the priciest offering in the borough since at least 2000. Phase one of the condominium, which is being developed by TDC Development and the Rockefeller Group, broke ground in 2014. The 11-floor building will also feature 75 office condos priced from $1.38 million to over $4 million. In all, offering plans submitted to the New York State Attorney General since 2010 show that the top 10 projects in Queens collectively have a projected sellout of $1.5 billion. That’s $1 billion less than Brooklyn’s top 10 condominiums, which have a total anticipated sellout of $2.5 billion. A similar list ranking Manhattan’s most expensive projects far surpassed both of these tallies, with a total $20 billion in projected offerings across 12 buildings. Top Queens residential developments by total sellout ProjectAddressDeveloperUnitsProjected Sellout Flushing Commons37-10 37th AvenueTDC Development, Rockefeller Group148$386,281,892 Grand Two at Sky View Parc131-05 40th RoadONEX Real Estate Partners258$246,562,864 Grand One at Sky View Park*131-05 40th RoadONEX Real Estate Parnters247$201,468,016 Infinity 8*132-35 Sandford AvenuePinnacle Group204$118,150,264 The Edison27-21 44th AvenueSilvercup Properties120$108,287,518 The Arcadia*42-35 Main StreetAmpiera Group79$101,672,212 The Aston*108-20 71st AvenueCord Meyer Development100$98,165,000 Prince Plaza*37-20 Prince StreetPrince Plaza LLC72$77,586,740 Dutch25-19 43rd AvenueEkstein Development86$67,250,000 Wetherole Plaza*65-50 Wetherole StreetEast Coast Management146$59,557,638 Ranking is based on offering plans submitted to the New York State Attorney General since 2010. * indicates that at least 50 percent of building condominiums have sold or are in contract. Most of Queens’ most expensive projects are found in Flushing, followed by two in Long Island City and one each in Rego Park and Forest Hills. Six of the 10 projects have already sold or are in contract for more than 50 percent of their available stock. Onex Partners’ Grand Two and Grand One at Skyview Parc were the second and third most expensive with respective projected offerings of $246.6 million and $201.5 million. The residential towers are part of the second phase of Onex’s massive mixed-use development in Flushing, Skyview Parc. Grand Two, the second of three luxury towers planned for the site at 131-05 40 Road, saw $85 million in contracts during its first weekend of sales in October. A spokesperson for the developers said the Grand Two is 40 percent sold. Sales in Grand One launched in February, and at least 95 percent of the 247 units have already been sold. In October, Silvercup Properties announced plans for a 120-unit project in Long Island City, dubbed The Edison. The building is the fifth most expensive project, with a total projected sellout of $108 million. Plans have not yet been accepted by the Attorney General’s office. Will Parker contributed reporting.
Source: The Real Deal