Developers are moving forward with new housing projects at the former site of Innovation QNS in Astoria, Queens. The Hakimian Organization and CW Realty have submitted plans for two residential buildings at 35-17 42nd Street and 42-08 35th Avenue. According to Crain’s, these adjacent properties were acquired earlier this year for $15.8 million.
The planned development on 35th Avenue includes a 13-story building spanning approximately 90,000 square feet and containing 99 residential units, as well as ground-floor retail space. By limiting the number of units to 99, the developers appear to be avoiding wage requirements under the city’s 485x program that would apply if they added one more unit.
On the neighboring site at 42nd Street, plans call for a 16-story building with about 56,000 square feet and 67 residential units. Demolition applications for existing one-story buildings on both sites have been filed by Heartfelt Townhouse Build.
Project filings also indicate there could be a third building involved, with documents referencing a lot totaling up to 234 units. Company representatives did not respond to requests for comment.
The original Innovation QNS project was valued at $2 billion and was one of New York City’s largest proposed developments. It received rezoning approval from the City Council three years ago but was abandoned in September after Silverstein Properties exited due to concerns over multifamily development tax policy and other uncertainties. This split led individual firms to pursue their own projects within the five-site area.
Other developers remain active in the vicinity: BedRock Real Estate Partners is collaborating with an affiliate of L+M Development on a planned 560-unit project at 35-19 Steinway Street; Domain Companies is developing a separate site into a building with 330 units at 35-45 41st Street and another with 99 units at nearby 35-42 41st Street.
It remains unclear how commitments made by the original Innovation QNS team in its agreement with the City Council will apply now that multiple developers are pursuing independent projects across the five parcels.
