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QLIC Developers Buy Nearby Building With 124 Apartments, includes Rooftop Movie Theater

Luna_Street_Level - email

March 23, 2016 Staff Report

The developers of QLIC have hopped across the Queensboro Bridge with the purchase of a 124-unit apartment building on Crescent Street.

The building, called “Luna” and located at 42-15 Crescent St. includes a mix of studio, one- and two-bedroom apartments and is scheduled to begin leasing in May.

Developers describe Luna as a boutique apartment building with amenities including a rooftop movie theater, roof deck with barbeque, fitness center and resident lounge. There are also two duplex penthouses with 800-square-feet of private outdoor space.Luna_Aerial_Night_Rooftop - email

On the ground floor, the building has 7,500-square-feet of retail space.

World Wide Group announced the purchase on Wednesday, along with a QLIC leasing update: that rental building, located at 41-42 24th St., is 75 percent leased after opening seven months ago.

“We’re excited to open Luna as we complete the lease up of QLIC, which is leasing in record time,” World Wide Group director Rachel Loeb said. “World Wide is looking forward to playing an even greater role in the continued growth of LIC.”

Loeb also noted that demand is coming “in particular from Manhattan and Brooklyn,” which she called “a testament to the transformation of the area into a thriving residential neighborhood.”

World Wide purchased Luna from Meadow Partners, who converted the 111,000-square-foot development from office use to residential.

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WWG developed what may be the biggest eyesore yet in LIC. Brown brick work and the cheapest construction I’ve ever seen on an interior are just some of the poor marks this buildings gets. Half of the apartments don’t even have a full sized stove. The units are ridiculously small.


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