Property Markets Group, the Hakim Organization and Vector Group spent $37 million on a pre-war loft building at 23-10 Queens Plaza, which used to house the Eagle Electric factory, and an adjacent structure at 23-01 42nd Road. The 23-01 42nd Road building will be destroyed, and the developer will build a new tower designed by SLCE, Crain’s reported. The apartments will be a mix of studios, one-bedrooms and two-bedrooms.
The Eagle Electric factory building will likely be converted into retail. “In the next 24 to 36 months, you’re going to see a few thousand more units in the area, an area that is definitely under-retailed, so that might make the most sense,” PMG principal Kevin Maloney told Crain’s.
The project represents a move away from the heavily developed Long Island City waterfront towards Queens Plaza, which offers more transportation options. In the neighborhood, Rockrose Development recently announced plans for a 700-unit rental at 43-22 Queens St. on another Eagle Electric site.