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Rego Park: Yet another Queens Blvd property faces wrecking ball

Dec. 9, 2016 By Hannah Wulkan

Another large office development is coming to Queens Boulevard.

The developer, RJ Capital Holdings, filed plans with the Building Department yesterday to demolish several small buildings at 98-14, 98-24, 98-28 Queens Boulevard and make way for a new development.

According to Head of Investments & Acquisitions at RJ Capital Holdings Michael Abramov, the new building will be a combination of retail and office space, though planning is still in the very early phases.

“There’s no new product there, and it’s time for an upgrade in the neighborhood,” Abramov said about why the company decided to build in Rego Park. “I feel like it’s a good opportunity.”

RJ Capital Holdings is working on several other projects in the area as well. It has already announced plans for a mixed office and retail building at 107-02 Queens Boulevard, as well as a similar plan with retail and medical office space for a property at 98-85 Queens Boulevard.

Abramov said that because the project is still in such an early phase, he couldn’t speak to the timeline, size or scale of the building. He was also unsure when exactly demolition would start, though the permits were filed yesterday.

The development company purchased the properties at 98-14 and 98-24 Queens Boulevard in February 2015 for $8.115 million and $4.135 million respectively. The property at 98-28 Queens Boulevard was purchased for $8.35 million in 2008 by a limited liability company, which then transferred it to RJ Capital in June without payment.

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