Developer Plans 280k sf Residential Tower in LIC

Another tower is headed for the Long Island City skyline.

Developer Steven Li filed plans for a 40-story tower at 42-19 24th Street in the Queens neighborhood, according to the filing reported by Crain’s.

If it goes through as planned, the tower will stand 456 feet tall, take up 280,000 square feet and house 216 residential units as well as retail space on the ground floor, according to the plans first reported by PincusCo.

The property has been conveyed twice in less than three years, according to Crain’s.

The site was previously home to plans by the Carlyle Group, which acquired the lot in 2020 for $40 million from Atlas Capital Group. The private equity giant was backing life sciences-focused real estate firm Botanic Properties in the deal, after which it planned to raze the building and build a commercial property.

The firm never proceeded with construction and instead sold the site to developer Montperia Group, formerly Ampiera Group, in August 2023 for $49 million.

Li filed demolition permits early this year, according to city records reviewed by the outlet.

Woodside-based Monteperia is largely a residential developer whose portfolio includes properties in Queens and Brooklyn, as well as the Wingate Hotel in LIC, the Alliance Tower building in Flushing and a coworking facility in Woodside.

The neighborhood has been a hotbed of residential development, but could get a boost from Mayor Eric Adams’ proposed rezoning plan. The pitch to expand development targets industrial sites in the area, which has been dominated by new condo developments in recent years.

— Christina Previte