NATALIE SACHMECHI June 28, 2022
A New York developer paid $16.2 million for a 19,000 square-foot site in Woodside that’s home to a former Walgreens and plans to build a 12-story, 120-unit condo tower.
Bentley Zhao, CEO of New Empire Corp, said the 12-story building at 58-01 Queens Blvd. will offer one-bedroom and two-bedroom apartments at “modest prices” between $1,050 and $1,100 per square foot that will be competitive with neighboring Long Island City. It should be completed by March 2025.
Amenities at the building will include a fitness center, playroom for kids, storage, parking and indoor and outdoor lounges. It will also feature unobstructed views of the Manhattan skyline thanks to the lower height of the surrounding buildings.
Condo buildings in the area are not commonplace, and given the housing supply constraints in the borough and around the city, this new development will be a value-add property in the community, Zhao said.
Currently, the site is home to a one-story retail building that was leased to Walgreens that will be demolished to make way for the new housing.
The company’s other recent Queens projects include a 9,000 square-foot development site located at 24-01 Queens Plaza North in Long Island City, where the firm is expected to break ground in early 2023. It will produce at least 100 new condo units. In 2020, Zhao’s firm built The Neighborly LIC, a seven-story condo building with 82 units that sold out within ten months.