A development team behind a 40-story skyscraper in Long Island City is planning another project nearby.
Flushing-based construction firm JLS group is teaming up with Montperia Group, Woodside-based real estate firm, to build the new mixed-use project, located at 42-76 Hunter Street.
According to plans filed with the city’s Department of Buildings, the project will include 33 residential units and span approximately 37,000 square feet, with retail space on the ground floor. The property will clock in at 10 stories at 100 feet tall, Crain’s New York reported.
A limited liability company associated with JLS bought the currently vacant development site for $2.7 million in October 2023, city records show. Alex Lau, who appears to be a managing member at Montperia, is listed as the project owner on the city filing.
JLS and Montperia have teamed up on several projects in the area previously, including 24-02 Queens Plaza South, the former home of Apex Technical School, which the two firms acquired from investment firm the Carlyle group for $49 million in 2023. They are currently in development on a 40-story mixed use tower at the site, which will feature 216 apartments and ground floor retail space across approximately 280,000 square feet.
Long Island City has enjoyed a significant windfall in residential development over the last few years. The city proposed rezoning the area in June, estimating that it could add as many as 14,000 new residences.
Montperia mainly concentrates on residential buildings in Brooklyn and Queens. Its real estate holdings also include the Flushings Alliance Tower office building, where the firm is based, and Long Island City’s Wingate Hotel.
— Caroline Handel