Madison Realty Capital has begun construction on a new mixed-use complex located near the southern boundary of Woodside, Queens. Developed in partnership with the New York City School Construction Authority, the complex will include a new public school, 478 mixed-income apartments, retail, and public outdoor space.
The development is located at 69-02 Queens Boulevard and will occupy an entire block bounded by 69th and 70th Streets to the east and west. Two opposing corners of the complex are flanked by a pair of mid-rise towers, one 15 stories and the other 12 stories.
The new school will occupy the first four floors of the 12-story East Tower fronting 47th Avenue and 70th Street. When complete, the facility will debut as PS Q340 and serve 476 students from pre-k through fifth grade. The 15-story West Tower will face Queens Boulevard and contain lower-level retail spaces. The upper levels of both towers will contain residential area.
“We are excited to partner with the NYC School Construction Authority to bring a state-of-the-art elementary school to the growing Woodside and Elmhurst neighborhoods,” said Josh Zegen, managing principal and co-founder of Madison Realty Capital. “Playing a positive role in the communities in which we invest is core to our investment philosophy and we are proud to bring employment and educational opportunities as part of this important project.”
Zegen continued that the commencement of construction is a direct result of ongoing support from New York City Councilman Robert Holden, the City Planning Commission, the City Council, and members of the community.
“The 476-seat school being built as part of this public-private partnership will go a long way toward meeting the community’s need for additional school capacity and is an excellent example of how we are building a more equitable Queens,” said Queens Borough President Donovan Richards. “The inclusion of a school in this project was wisely sought by neighborhood residents and community leaders and underscores the importance of having local input in the land use review process.”
The residential component will comprise 478 rental apartments. Thirty percent, or around 145 units, will be marketed as affordable homes. Residential amenities will include a state-of-the-art fitness center with a separate yoga room, a media lounge, shared laundry facilities, a storage room, an on-site parking lot, bike storage, and additional tenant lounges. Residents will also have access to a third-floor outdoor terrace, and a roof terrace with outdoor kitchens.
“After a long road, I’m very pleased that we were able to work together to give this area a school to provide nearly 500 badly needed additional seats for students,” said Councilmember Robert Holden. “New York’s most vital resource is our children, and they need all the help we can give them.”