UPDATED, June 15, 1:27 p.m.: Simon Baron Development and CRE Development have plans to bring a 28-story residential tower with 296 rental apartments to Long Island City, at the site of the former Paragon Paint factory, according to a permit application filed with the Department of Buildings.
Simon Baron, a Midtown-based developer, acquired the four-story industrial building on the site at 45-40 Vernon Boulevard for $14.7 million in late 2013. Brent Carrier, principal of CRE, told The Real Deal that they are developing the site together, along with an equity partner.
Plans call for a building with 236,230 square feet of residential space and 10,460 square feet of ground-floor retail space. The cellar level of the building will hold a 24-car garage.
The developers plan to demolish an adjacent structure at 45-28 Vernon Boulevard to create a public park with access to the water next to the new building, according to Carrier.
Matthew Baron, president of Simon Baron Development, confirmed the plans.
“We think that what we’re going to be doing is going to be very beneficial to the community,” he said.
In 2012, Carrier was sued by his previous partners on the project, Richard Wissak and Jerry Nazari, for breach of contract and breach of fiduciary duty. The suit was ultimately dismissed with prejudice.
SHoP Architects is serving as the architect of record, the application shows.
Simon Baron is also currently at work on a 430,000-square-foot, 42-story residential tower at 29-26 Northern Boulevard in Long Island City that will include over 400 apartments.
Correction: A previous version of this story incorrectly described a lawsuit filed against Carrier by his former partners. Carrier was sued for breach of contract and breach of fiduciary duty.