24-16 Queens Plaza South – Leave the Building, Take the Cannoli

24-16 Queens Plaza South
The original 5 story structure undergoing integration.

We came across another residential project where the original, more historic, facade is undergoing integration into a new structure. This project, located at 24-16 Queens Plaza South in Long Island City, seems to have gone under several iterations before settling on a plan of integration. For example, original DOB records indicated the full demolition of the original five story “Department of Commerce” structure. However, the most recent plans that were approved by DOB clearly show the new structure and 1925 structure co-existing.

Aside from this upcoming construction’s interesting architectural details, let’s take a peek at this project’s affordability and data.

    • Total floors: 22 total (including 5 story structure) according to DOB records.
    • Tax incentives: There was a 421-a tax benefit attached to this property at some point. But an ominous notice at the Department of Finance’s tax incentive benefits page paints a rather bleak picture of affordability:

  • Property tax bill: according to the August 2017 property tax bill for this property, there does not appear to be any 421-a tax benefit attached to this property.
  • Property owner: according to ACRIS, 24-16 Queens Plaza South is owned by 24-16 Queens Plaza Property Owner LLC. There does not appear to be any regulatory agreement filed for this property.

As of this writing, the five story structure is wrapped in protective sheathing, but there was no construction active at the time of our visit. As always, the tax benefit situation could always change, but a revocation of a 421-a benefit is never a good sign. It is unclear whether it was the prior owner, or the current owner, who precipitated the loss of the benefit. It’s also possible the owner simply does not want the benefit, since the property is outside of the 421-a exclusion zone, and outside New York City’s Mandatory Inclusionary Housing districts. So take the building, but leave the cannoli.

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