The Riff Hotel in Chelsea has been sold for $27.5 million, and developers hope to build a new 12-story mixed-use building in its place. The site is a block away from Penn Station with access to subways, the LIRR, and Amtrak. Eastern Star Development purchased the site from Salt Equities.
Eastern Star Development
The story of development at 27-17 42nd Road is a testament to the ongoing rapid change within Long Island City’s landscape. When Star Tower was first proposed in 2008, it would have lived up to its name by shining on the Court Square skyline as its tallest residential building, offering luxury unmatched by any competitor in the area. As foundation work is underway for its successor, the neighborhood is at a point where a 25-story tower becomes infill, obscured by taller neighbors from nearly all directions. The perimeter basement wall appears complete, and work is in progress on interior foundations. The Department of Buildings lists 184 condominium units spread across 221,266 square feet of floor space. Hiwin USA is listed as the owner of the property while Milestone Construction is the contractor. When the 258-foot-tall building opens its doors in 2017, it will barely make a dent on the skyline, yet it will successfully fulfill its urban role as a building that respects its neighbors while maintaining an independent identity.
Foundation work has started for yet another new high-rise on the site of the formerly-proposed “Star Tower,” in Long Island City, as reported by The Court Square Blog. YIMBY followed up on the initial report to find that the new building’s filing address has been changed to 27-17 42nd Road.