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Queens Chronicle

Queens electrical supply building sold for $48M

Building to become rental property

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Posted: Thursday, January 10, 2013 10:30 am | Updated: 11:24 am, Thu Jan 17, 2013.

A massive electrical supply building once owned by Eagle Electric will be converted to a 975- unit residential building.

The 320,820-square-foot property at 43-22 Queens St. was sold on Dec. 14 for $48 million to an undisclosed buyer.

The agreement contract was signed in September, according to the Long Island City Partnership, which advocates economic development in the city’s commercial and residential sectors.

Dana Frankel, District Services Manager with the Long Island City Partnership, said the building would also include new additions to its current edifice.

“They are planning to keep the building. They will demolish some of it and keep some of it,” Frankel said.

The building will be renovated and refurbished to accommodate new clients.

Frankel added that the new owners plan to add a tower that will be 30 floors high to accommodate residents.

Eagle Electric owns a number of buildings in the area including six properties in LIC.

“Eagle Electric has several buildings in the area. There is one on 23rd Street and Queens Plaza South and it’s out for sale,” Frankel said.

The Eagle Electric building is six stories high, and is situated on Queens Street between Jackson Avenue and the Sunnyside rail yards.

Redevelopment of this site is one of many projects currently underway in the Court Square area.

Frankel said that the planned refurbishment of the Eagle Electric building will play an importnat role in the community.

“I think the potential is limitless. This is one property whose growth is going to be useful to the area and the neighborhood,” she said.

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