Madison International Realty files plans for 130-unit building at Queens Place Mall

Sal Ariganello, a managing director at Cushman & Wakefield on behalf of property owner Madison International Realty, submitted a new building construction project for a 130-unit, 102,968 square-foot residential (R-2) building at 87-09 Queens Boulevard in Elmhurst, Queens. The plan was filed with the New York City Department of Buildings on November 4, 2022 under job number Q08027627. It calls for the construction of a 19-story building. The project is described in the filing as: new 19-story mixed use building.

The plans call for a day care and lobby on the first floor, between seven and 11 residential units on floors two through 14, three units on floors 15 to 17 and and two units on the 18th floor.

Ronald Dickerman’s Madison International Realty acquired full control of the Queens Place Mall in 2018 from Forest City Ratner. This residential development is similar to Vornado Realty Trust’s development in Rego Park, where it built a residential tower, The Alexander, at an existing mall.

The mall property is divided into two commercial condominium parcels, 1001 and 1002.

The property

The condo building in Elmhurst has 1,091,866 square feet of built space according to a PincusCo analysis of city data. The zoning is C4-2 which allows for up to 3.4 times floor area ratio (FAR) for commercial and up to 2.43 times FAR for residential.

Violations and lawsuits

According to city public data, the property has received $4,835 in OATH penalties in the last year.

There were no lawsuits or bankruptcies filed against the property for the past 24 months.

The neighborhood

In Elmhurst, the bulk, or 40 percent of the 20.3 million square feet of commercial built space are elevator buildings, with mixed-use buildings next occupying 21 percent of the space. In sales, Elmhurst has near average sales volume among other neighborhoods with $183.7 million in sales volume in the last two years and is the 12th highest in Queens. For development, Elmhurst has near average amount of major developments among other neighborhoods and is the 11th highest in Queens. It had 606,857 square feet of commercial and multi-family construction under development in the last two years, which represents 3 percent of the neighborhood’s built space. There were six pre-foreclosure suit filed among other development buildings in the past 12 months.

The block

On the tax block, this is the only new construction project.

The surrounding

This is the first commercial real estate event of interest identified within the 400-foot radius of 90 street in the past 24 months.

Direct link to the property’s ACRIS page and link to DOB NOW portal.