Long Island City, NY
1 Queens Plaza South Tower, formerly known as 2301 42nd Road, LIC, NY is the leading luxury multifamily building in Long Island City. Completed in 2017, the 45-story tower offers condo-quality finishes, the most extensive amenity package and the best views of the Manhattan skyline. The 391-unit property stabilized at 97% occupancy in less than a year - a leasing velocity that averaged one unit per day since opening.
Atelier Consulting was involved as part of the original sponsor’s acquisition team that handled the ground-out development project underwriting analysis, competitive set reporting, financial models and cash flow statements and the construction schedule with construction estimate.
Owner: Dynamic-Hakim LLC (at-time of Atelier’s work);
Architect: SLCE Architects
Developer: Property Markets Group