Six years after Hang Dong Zhang purchased a site in the Court Square section of Long Island City, BZ Development Group is ready to do something with it.
The Flushing-based firm filed demolition plans with the Department of Buildings for its site at 23-08 Jackson Avenue, Crain’s reported. The razing of the three-story, 18,000-square-foot building will give way to a luxury condo project dubbed The Moon Court Square.
An affiliate of BZ purchased the site in June 2019 for $8.2 million. It’s unclear why it took more than half a decade for the developer to make progress at the site, though the pandemic seems like a logical culprit.
Details about the project, including size and unit count, have not been revealed. Zhang did not respond to a request for comment from the outlet.
Zhang’s firm has already developed a number of properties in Long Island City under the “Moon” brand, including another project on Jackson Avenue, one on 27th Street and one on 44th Drive.
Three years ago, Zhang acquired a site at 138-28 Northern Boulevard for $48 million from Kit Realty LLC. Zhang planned to redevelop the site into a 14-story, mixed-use condominium.
The time may be ripe for development in Long Island City. In the spring, the city kicked off the process of rezoning a 54-block area of the Queens neighborhood, intended to allow residential development in areas zoned for industrial use while also encouraging more commercial and light industrial development in other parts of the district.
The Department of City Planning estimated that after the rezoning is approved through the seven-month land use review process, 14,700 apartments will be built over the next decade, 4,300 of which will be set aside as income-restricted under MIH.
The rezoning could also lead to the creation of 3.5 million square feet of commercial development and 292,000 square feet of community space.
— Holden Walter-Warner
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