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24-16 Queens Plaza South, Long Island City, Queens 24-16 Queens Plaza South, Long Island City, Queens/ Rendering by Woods Bagot

NEW YORK CITY—The Amazon Effect has a whole new meaning for Long Island City, Queens. Since the e-commerce company’s announcement of opening its HQ2 employing 25,000 people, the demand and asking price for homes in the neighborhood have already jumped higher.

Silverback Development and AEW Capital Management have acquired a nearly $80 million, 23-floor, residential building at 24-16 Queens Plaza South in Long Island City from Greystone Development. The nearly 300-foot tower has been topped off and construction at the site is 60% complete. Silverback is stepping in to complete the construction and convert the project from a multifamily rental building into for-sale condominiums.

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Betsy Kim

Betsy Kim was the bureau chief, East Coast, and New York City reporter for Real Estate Forum and GlobeSt.com. As a lawyer and journalist, Betsy has worked as the director of editorial and content for LexisNexis Lawyers.com, a TV/multi-media journalist for NBC and CBS affiliated TV stations in the Midwest, and an associate producer at Court TV.

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