eagle electric A 40-story rental tower with more than 400 units will rise on the site of the former Eagle Electric sign in Long Island City.

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.

Developments featured in this article

More Like This

Facebook Chatter