$38.1M condo plan submitted in Rego Park

Luxury Austin LLC submitted a condominium plan for a development with 60 residential units and three commercial unit at 65-18 Austin Street in Rego Park, Queens.

The condo plan, CD210086, has a sellout price of $38,169,600 with the New York State Attorney General. Yi Fei Fang, Sophia Zhang, Xuemei Hong as managing members, along with four other members, are listed as the principals of the sponsor.

In May of 2017, Yi Fei Fang through the company Luxury Austin LLC filed new building plans with the New York City Department of Buildings calling for the construction of a 75-foot tall, eight-story, 60,522-square-foot mixed-use building with 60 dwelling units at the property.

Per the plans, the ground floor of the building will have a residential lobby, day care, and health care facility. Floors two through seven will each have nine dwelling units per floor, while the eighth floor will have six dwelling units. The cellar will have a fitness center and attended parking for 33 vehicles, and the roof will have recreation space.

Initial permits were issued to the developer in March of 2018, but no TCO has been issued yet.

Angelo Ng + Anthony Ng Architects Studio, PC is listed as the architect.

The developers acquired the property in three transactions totaling $9.6 million in 2016. The developer obtained a $16 million construction and land loan from Cathay Bank in March 2019.