Author Topic: 71-17 Roosevelt will be LIC-style "luxury rental"  (Read 4022 times)

Offline StevenGrey

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Re: Proposed tower at 71-17 Roosevelt Ave
« Reply #15 on: September 13, 2017, 05:04:42 PM »
It's definitely one of those projects that leaves you scratching your head, wondering who would want to live there. As if being adjacent to the BQE and 7 train weren't enough, I'm noticing that grand entrance on the side street in the last rendering. Isn't it lovely the way it's squeezed in among those private residences: I guess the developer ran out of the funds to buy off those home owners?

It just looks so out of place.

Offline Matt

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Re: Proposed tower at 71-17 Roosevelt Ave
« Reply #16 on: September 14, 2017, 01:36:33 AM »
The older article from 2014 mentioned Gilman Architects as being involved and I think this may be the rendering of the building that they proposed based on the configuration of the adjacent highway, train tracks and surrounding buildings. Yes, I realize it makes the water appear much closer than reality but renderings often do things like this to emphasize views. The part of the building above the landscaped platform seems to have much less bulk than the current rendering. I'm sure the developer is trying to fit as many apartments in as possible to make as much money as they can.



I know many people, including myself, were skeptical that people would move into the somewhat new brick building on Roosevelt that looms over the 7 train at the 74th St station, but they did and I'm sure it will be the same here. We all (mostly) accept that we live so near an airport as we know what a great neighborhood this is. Housing is tight.

Offline Di_11372

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Re: Proposed tower at 71-17 Roosevelt Ave
« Reply #17 on: September 21, 2017, 08:12:52 AM »

I understand the concern about the congestion this building could potentially add to the nearby train lines, and I do feel bad for those surrounding home owners.  That being said, it will be interesting to see the type of businesses that will pop up in and around that building, on Roosevelt or off.
« Last Edit: September 21, 2017, 08:21:58 AM by Di_11372 »

Offline Matt

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Re: Proposed tower at 71-17 Roosevelt Ave
« Reply #18 on: November 12, 2017, 09:41:35 AM »
I stopped by Tawa Food yesterday and I noticed that this building is quickly rising.

Offline Shelby2

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Re: Proposed tower at 71-17 Roosevelt Ave
« Reply #19 on: November 14, 2017, 03:10:50 PM »

https://commercialobserver.com/2017/11/werber-nabs-62m-loan-for-luxury-development-in-jackson-heights-queens/

Werber Real Estate has secured a floating-rate, $61.5 million construction loan for a new apartment tower in Jackson Heights, Queens, according to HFF, which brokered the deal.

The floating-rate loan, from Principal Global Investors, will fund the construction of Roosevelt Parc, already underway at 71-17 Roosevelt Avenue. The 15-story building will host 154 rental apartments—ranging from studios to four-bedrooms—and over 16,000 square feet of retail space.

“Unlike Long Island City and Downtown Brooklyn, Jackson Heights has very little competition in the luxury rental segment.” Geoff Goldstein, a senior director at HFF, said. “The building’s got great transportation, and it’s a brand-new building, well designed, with a great developer.”

The brokerage team said they did not have an estimate regarding when construction will be complete.

With perks including a rooftop deck, a fitness center and a movie screening room—40,000 square feet of amenity space in total—the project looks to break ground in the neighborhood in more ways than one. As the looming L train shutdown condemns many Brooklyn residents to the prospect of a hellish commute in the coming years, ongoing improvements to the 7 line promise to make the trip from Jackson Heights to Manhattan a comparative cinch.

As a result, the HFF team said, optimism abounds for Roosevelt Parc’s ability to attract luxury renters.

“I think that was part of the challenge about this opportunity: it’s a hard project to comp in this submarket given its amenities,” Steven Klein, a managing director at HFF, said. “But because [Werber is] a local operator, they have first-hand knowledge of the submarket, and they know what renters are willing to pay.”

Unlike Long Island City, a sleepy warehouse district in the years before its luxury-housing boom, Jackson Heights is already a bustling residential neighborhood—a trait that could cut both ways for one of the neighborhood’s first high-end developments.

On the one hand, Roosevelt Parc will face little competition for residents seeking high-end digs in the area. On the other, the development could draw ire for boosting rents in a neighborhood whose residents rely on less inflated housing bills.

The neighborhood, famous for its striking ethnic diversity, came to broader attention in 2015 as the subject of the film In Jackson Heights. The documentary, by acclaimed director Frederick Wiseman, highlighted the area’s importance as an affordable, welcoming destination for new immigrants to the U.S.

“Times Square is often called the crossroads of the world, but Mr. Wiseman suggests that that title more rightly belongs to Jackson Heights,” Manohla Dargis wrote in The New York Times.




Offline Shelby2

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Re: Proposed tower at 71-17 Roosevelt Ave
« Reply #20 on: November 16, 2017, 07:32:10 PM »

Offline theplanesland

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71-17 Roosevelt will be LIC-style "luxury rental"
« Reply #21 on: November 16, 2017, 10:11:57 PM »
Ugh.

https://commercialobserver.com/2017/11/werber-nabs-62m-loan-for-luxury-development-in-jackson-heights-queens/

Hopefully the luxury crowd will be dissuaded by the shower of guano from the 7 train at 73rd.

Offline dssjh

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Re: 71-17 Roosevelt will be LIC-style "luxury rental"
« Reply #22 on: November 17, 2017, 09:39:07 AM »
to any of the folks applauding the encroachment of developments like this, i have to ask, what's so good about making an already crowded neighborhood more crowded, and putting more strain on an infrastructure that's already stretched to the breaking point?


Offline abcdefghijk

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Re: 71-17 Roosevelt will be LIC-style "luxury rental"
« Reply #23 on: November 17, 2017, 10:03:48 AM »
In 10 years technology will solve these issues.

Excitingly, human beings are awesomely resourceful.

The subway will be replaced by a future version of this.

http://www.popularmechanics.com/technology/infrastructure/a26782/china-built-a-self-driving-something/

Ironically, the Chinese seem to have adopted the American can-do attitude!

Offline NYC Peromyscus

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Re: 71-17 Roosevelt will be LIC-style "luxury rental"
« Reply #24 on: November 17, 2017, 10:27:48 AM »
to any of the folks applauding the encroachment of developments like this, i have to ask, what's so good about making an already crowded neighborhood more crowded, and putting more strain on an infrastructure that's already stretched to the breaking point?

I'm not applauding, but not a harsh critic either. The only way housing gets more affordable in NYC is if more housing is built. Rent control / stabilization are well known to fail as affordable housing strategies, and we aren't building any more land. So more housing is the way to go. Hopefully schools, transit, etc will keep up...personally I think Northern Blvd is ripe for rezoning and housing development (particularly along the some of the M/R stations that aren't as busy as the 7 /E / F stations).

Offline Shelby2

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Re: 71-17 Roosevelt will be LIC-style "luxury rental"
« Reply #25 on: November 17, 2017, 10:36:15 AM »
to any of the folks applauding the encroachment of developments like this, i have to ask, what's so good about making an already crowded neighborhood more crowded, and putting more strain on an infrastructure that's already stretched to the breaking point?

I'm not applauding, but not a harsh critic either. The only way housing gets more affordable in NYC is if more housing is built. Rent control / stabilization are well known to fail as affordable housing strategies, and we aren't building any more land. So more housing is the way to go. Hopefully schools, transit, etc will keep up...personally I think Northern Blvd is ripe for rezoning and housing development (particularly along the some of the M/R stations that aren't as busy as the 7 /E / F stations).

I agree about Northern Blvd. Sometimes I'm amazed at how undeveloped the area looks around the Northern Blvd. station. At the moment, there is that enormous empty Sports Authority store with the huge empty parking lot. I wonder what will become of that.

However, there might be development coming to that general area very soon. I don't know anything about the Sports Authority land, but there was just a major purchase of three parcels in that vicinity for $10 million. https://commercialobserver.com/2017/11/malachite-group-buys-woodside-queens-commercial-properties-for-10m/


Offline dssjh

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Re: 71-17 Roosevelt will be LIC-style "luxury rental"
« Reply #26 on: November 17, 2017, 10:39:28 AM »
get back to me in nine and a half years. let's compare notes.

In 10 years technology will solve these issues.

Excitingly, human beings are awesomely resourceful.

The subway will be replaced by a future version of this.

http://www.popularmechanics.com/technology/infrastructure/a26782/china-built-a-self-driving-something/

Ironically, the Chinese seem to have adopted the American can-do attitude!

Jackson Heights Life

Re: 71-17 Roosevelt will be LIC-style "luxury rental"
« Reply #26 on: November 17, 2017, 10:39:28 AM »