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Eastern Star Development shooting for one of LIC's priciest sellouts ever with $253M condo

People & Companies / Latest News

United States of America

Apr 11 2017

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Will Parker

Anthony Hu’s Eastern Star Development submitted an offering plan for 182 condominiums at the upcoming Star Tower in Long Island City, filings with New York State Attorney General’s office show. The developer is targeting a sellout of $253.3 million, one of the most expensive plans in the borough’s history.

Roe Corporation first filed construction plans for the site at 27-17 42nd Road back in 2007, demolishing a five-story commercial building on the lot. But despite launching sales, it never delivered, and eventually sold the development site sans tower to Eastern Star for $44 million in 2014.

Eastern Star has since begun construction, and CityRealty reported last summer that the building should be complete later this year. The unit mix will be 75 percent one-bedrooms and 25 percent two-bedrooms, with an average overall price of about $1.4 million, higher than the median sales price for luxury condos in Queens, according a report from appraisal firm Miller Samuel.

While Roe’s original plan called for a “waterfall jacuzzi room,” no such room is mentioned in the current construction plans.

Hu could not immediately be reached for comment.

The $253.3 million sellout would make the 25-story Star Tower the second-most expensive condo project ever in Queens, and the most expensive likely to come to fruition: PMG’s $364.2 million plan for 1 QPS Tower was nixed when the developer sold the site to Durst Organization.

Eastern Star is financing the build with $60 million in loans from Cathay Bank.

SOURCE: The Real Deal

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