Two new office towers will add to the growing skyline in Long Island City.
Tishman Speyer and Qatari Diar have purchased two lots on Jackson Avenue from Queens Boulevard to 42nd Road and will turn them into 27-story office spaces. Construction will begin next year and the towers are slated for completion in 2019.
According to the NYC Economic Development Corporation (NYCEDC), which sold its space for the towers, the project will create 1,500 new construction jobs and 2,000 permanent jobs. More than 80,000 square feet of the space has already been pre-leased including 250,000 square feet to co-working company WeWork.
The towers will be connected by a four-story podium, which will feature retail space, a food hall, a restaurant and a parking garage for employees.
NYCEDC and Tishman Speyer previously collaborated on Two Gotham Center, an office building on the corner of Queens Plaza and 28th Street, which is occupied by the Department of Health. The additional two towers will be known as One Gotham Center and Three Gotham Center.
“Long Island City continues to emerge as a vibrant hub of jobs and economic activity,” said NYCEDC President Maria Torres-Springer. “These new towers will bring 2,000 permanent jobs to western Queens, and represent a major step forward in solidifying Long Island City as a premier business district.”
An NYCEDC analysis found that the city will need up to 60 million square feet in new commercial space by 2025.
According to the commercial Observer, this project is estimated to cost $706.7 million. Tishman Speyer will receive $65 million in tax breaks from the New York City Industrial Development Agency and New York City Department of Finance.
Tishman Speyer is also working on a three-tower $875 million residential project at 28-10 Jackson Ave., 28-30 Jackson Ave. and 30-02 Queens Blvd. Earlier last month, four non-union steamfitters walked off the job citing issues with low wages and unsafe working conditions.
