During the boom, two private developers, Am Properties Of NY LLC and 24 Plaza LLC planned a 117-unit market rate condo tower at 41-01 23 Street in Long Island City. The developers spent $9.7 million on the project, but it stalled as the economy crashed. In 2009, the property was sold to Queensboro Development LLC for a discounted $6.4 million. With the help of a $7.6 million subsidy from the Housing Asset Renewal Program (HARP) and a $28 million loan from Bank of America, the new project turned into a subsidized 108-unit rental project, as Crain’s reported in 2011. The tower will also have eight market-rate condos, 16,481 square feet of retail space and 30 parking spaces. Seventeen units will be set aside for households making $79,200 per year or less and 91 units will be available for households with income of no more than $102,960 per year. Although the building didn’t hit its targeted spring 2013 completion date, the site that was once described by Council Speaker Christine Quinn as “a total hole in the ground” is close to being finished, with the upper facade almost fully clad. GMAP
More photos after the jump.
Photos: Roland Li