Long Island City welcomed the start of another new apartment tower today, as the World-Wide Group—best known around here for their planned tower at 250 East 57th Street —broke ground on its first residential development outside of Manhattan in a decade. Locate at 41-50 24th Street at the corner of Queens Plaza North, the building will have 421 units and cost $157 million. World-Wide Group became the long-stalled site’s third owner in seven years after the developer purchased it in March 2012 for $28.85 million. Units will range from studios to three-bedrooms, and the 25,000-square-feet of amenities include a landscaped rooftop deck with an outdoor pool, private gardens, a fitness center, indoor parking, and bike storage. The ground floor will host 5,400-square-feet of retail, and the building entrance will be adjacent to Long Island City’s bike path.
World-Wide Group’s director of development told Crain’s that rents have not yet been decided, but it will be priced “to where the market is.” Currently, data from Citi Habitats shows the average area rents to be $1,990 for studios, $2,750 for one-bedrooms, and $3,750 for two-bedrooms. Leasing should start in 18 months.