"Developer Gets Demolition Permits As Condo Building Is On Track"

A small building located at 11-51 47th Avenue is about to be demolished to make way for an 11 story condo complex.

An application filed with the Department of Buildings to raze the structure was approved Tuesday.

The small building will be replaced by a 54 unit condo development. Half the units will be one-bedrooms and the remainder being two and three bedroom units. There will be about 1,280 square feet of ground floor retail space.

The building will sit at the intersection of 21st Street, 47th Avenue and Jackson Avenue. It will be developed by Charney Construction & Development and Ascent Developments—two Long Island City firms.

READ MORE "Condo Developers Have Big Plans For Long Island City"

Screen Shot 2015-11-14 at 11.14.16 AM.png

With Long Island City land prices blowing up and the neighborhood’s demographics shifting to an older, more monied crowd, developers are increasingly considering condo development in this area dominated by rental apartments. Developer Sam Charney, who is building condos in the neighborhood with partner Ascent Development, said: “We witnessed this neighborhood go from a renter’s neighborhood where people who couldn’t afford to be in Manhattan moved here in their mid-20s… Now they’re in their mid-30s, having children, and they’ve saved up a little money,” according to Bloomberg. 

READ MORE "Condos Coming to NYC's Long Island City After Rental Boom"

After nine years of working on apartment developments in New York’s red-hot Brooklyn, Sam Charney has moved on to a new mission, in a different borough.

Charney, with partner Ascent Development, is building condominiums in the rental-saturated neighborhood of Long Island City in Queens, on a wager that the area is starved for for-sale housing. The team is completing a three-unit building on 47th Road and plans to build a 54-condo tower about three blocks away, encouraged by a growing pool of potential buyers.

READ MORE "Long Island City is a Rising Star in Real Estate"

When Eric Benaim began brokering apartments in Long Island City, back in 2006, convincing people to move there required imagination.

“I had to paint a picture of what this neighborhood would eventually be like,” he says, recalling how desolate it looked. “I don’t have to do that anymore,” he adds.

Today, the East River waterfront brims with sleek high-rises, some of which rival those of Manhattan in grandeur. “Buildings here have so many amenities, they’re almost like cruise ships,” says Benaim, founder of the LIC-based brokerage Modern Spaces.