Demolition has wrapped up on a Queens site where a new 27-story mixed-use building will rise, replacing a former parking lot. The project, developed by LMXD and BedRock Real Estate Partners, will feature 560 rental units, ground-floor retail space, and an all-electric design, with a quarter of the apartments set aside for affordable housing. Construction machinery has not yet arrived, but excavation could begin before year’s end, following the scrapping of an earlier $2 billion development plan. The developers have secured financing and adjacent properties to support the ambitious residential and commercial venture.
Demolition is complete at 35-10 Steinway Street, the site of a 27-story mixed-use residential building in Astoria, Queens. Designed by Beyer Blinder Belle and developed in a joint venture between LMXD and BedRock Real Estate Partners, the nearly 500,000-square-foot structure will yield 560 rental units in studio to three-bedroom layouts. The all-electric project will also include ground-floor retail space for P.C. Richard & Son. The property is bounded by 35th Avenue to the northeast, 38th Street to the northwest, and Steinway Street to the southeast. The site has been cleared of its former surface-level parking lot, with a lone heap of asphalt rubble remaining. Construction machinery has yet to arrive at the property, but it’s possible that excavation could get underway before the end of the year. Twenty-five percent of the homes, or roughly 140 apartments, will be reserved for affordable housing under the Mandatory Inclusionary Housing program, averaging 60 percent of the area median income (AMI). A list of amenities has yet to be disclosed. The project site was formerly slated to give rise to a building in Innovation QNS, an ambitious $2 billion mixed-use complex that was scrapped in September 2025. LMXD purchased the property for $53 million, followed by the $15.8 million acquisition with BedRock Real Estate Partners of the adjacent sites at 35-17 42nd Street and 42-08 35th Avenue earlier this year. The developers also secured a $250 million construction loan from New York Life Investment Management in a deal arranged by JLL. submitted by /u/Lisalovesreading [link] [comments]
