Controversial Luxury Development In Rego Park Gets Cash To Build

REGO PARK, QUEENS — Luxury condos could soon stand at a construction site in Rego Park that's been fenced off and vacant for several years.

Real estate developer RB Realty Capital has owned a lot on the corner of Queens Boulevard and 65th Road for three years, but its plans to build a large apartment building at the site, located at at 98-08 Queens Boulevard, haven't come to fruition yet.

That could change soon, though, since the developer secured a $125 million loan from Madison Realty Capital last week to build luxury condos at the site, the Real Deal reported.

The 22-story, 100-plus unit building has been in the works since 2018, when RB Realty bought the site and proposed the development.

Previous plans, however, filed in 2014, called for building a much smaller tower on the site: a 7-story, 59-unit apartment building.

RB Realty's plan, which nearly doubled the number of proposed apartments and tripled the building's number of floors, concerned then-City Council Member Karen Koslowitz, who told the Queens Chronicle that she worried the much larger residential tower would worsen neighborhood overcrowding.

Similarly, news of the development's financing provoked the ire of some neighbors.

"More congestion and another eyesore. We lost several small businesses over the years," commented Michael Perlman on a Facebook post about the million-dollar building loan.

"We should 'landmark' whatever is left of Forest Hills before everything is gone," commented another.

These arguments have come up many times in another disputed development plan in Rego Park, which would necessitate the demolition of a historic theater-turned-synagogue and several businesses.

Existing plans for the building at 98-08 Queens Boulevard, however, include 155 rentals and 31 condominiums in a 22-story tower, the Real Deal reported.

Brokers for the new listing did not immediately respond to Patch's request for comment about the timeline of the building.

Avi Matatov, Principal of RB Realty, said in a statement that he is "excited to leverage our deep familiarity with the neighborhood to deliver new residences with substantial affordable housing options." Developers will list 30 percent of the building's units as affordable housing, due to the city's Mandatory Inclusionary Housing policy, records show.

And, as Matatov alluded to, this is not RB Realty's first foray into development in Rego Park; the developers are behind a luxury condominium at 107-02 Queens Boulevard.

Also, a firm behind RB Realty purchased the Parkside Memorial Chapel in Aug. and plans to turn it into apartment buildings. That building, located on the corner of Queens Boulevard and 66th Avenue, is adjacent to RB Realty's just-financed tower at 98-08 Queens Boulevard.

Related Article: Locals Spar Over Apartment Building Slated To Replace Family Home