A luxury condominium development on Long Island City’s waterfront has launched sales near an area rezoned to allow the addition of more than 14,000 apartments in the fast-growing Queens neighborhood.
The project, Paragon LIC, is the first new waterfront condo development in Long Island City in over a decade, developer ZD Jasper said. The building takes its name from the former Paragon Paint Factory, built in the 1930s, parts of which have been incorporated into the base of the tower. Occupancy is expected in the fall.
Serhant is handling exclusive sales and marketing. The 186-unit luxury project, at 45-40 Vernon Blvd., offers studios to four-bedroom units priced from $655,000 to $4.65 million, according to the brokerage’s website.
The development sits near the OneLIC Neighborhood Plan, a rezoning of 54 blocks in a largely industrial stretch of Long Island City that the city has billed as its largest neighborhood-specific rezoning in at least 25 years. The plan, approved by the City Council in November, is expected to pave the way for about 14,700 new apartments.
Designed by Archimaera with interiors by MAWD, Paragon LIC features double-height balcony "boxes" with skyline views, along with a mix of public and private outdoor space, the developer said. Amenities include an outdoor pickleball court, a gym, a golf simulator and a karaoke room.
“We’re working through a backlist of locals who would never leave LIC and are eager to level up,” Ryan Serhant, founder and CEO of his namesake firm, said in a statement. “The market has been waiting over 10 years for this tower and we anticipate a rapid sellout.”
Long Island City, a short subway ride from midtown Manhattan, has become one of the city’s fastest-growing residential markets. The market asking rent per unit in the cluster has risen to a record high of $4,326 on average, above New York’s average of $3,616, according to CoStar data.