A five-story office building in Long Island City will soon be converted into a residential tower with 117 apartments, Crain's first reported. Greystone Development purchased the building at 24-16 Queens Plaza South for $23 million, and plans to add ground floor retail to the space in addition to the rentals.
The existing building will not be demolished. Instead Greystone plans to add 18 stories on top of the existing structure to create a 23-story building with about 105,000 square feet of residential space and 3,600 square feet of retail.
"Long Island City is a burgeoning market," Jeffrey Simpson, the head of Greystone said in a press release. "People want to call this area home because of its proximity to culture and commerce as well as to transportation. "Located across the street from the Queensboro Plaza train station, the site is the ideal location for a new luxury rental building with prime retail space."
Architecture firm Woods Bagot has been roped in for the conversion. Amenities in the building will include an outdoor pool, a rooftop terrace, and private entertainment and dining areas.