NEW YORK CITY-After pioneering and redeveloping the Jersey City waterfront, the LeFrak Organization has returned to its home turf, unveiling its first multifamily building in New York City for the first time in 38 years. Responding to increased demand for apartments in the outer-boroughs, the company’s newest rental property, The Contour, a 108-unit, 12-story luxury apartment building at 97-45 Queens Blvd. in Rego Park, is officially open for leasing, GlobeSt.com has confirmed.

Formerly utilized as an office building for professional service tenants, the company decided to convert the 151,960-square-foot property for residential use instead of creating a new, ground-up development -- a strategy that is part of LeFrak’s larger company vision in Brooklyn and Queens. “We are constantly evaluating opportunities to re-invest and reposition as market conditions dictate,” Mario Gatzambide, VP at the LeFrak Organization, tells GlobeSt.com. “From a conversion from an office building to multifamily, which became the highest and best use, one of the things that we are doing in the rest of our portfolio here in New York, is heavily reinvesting in our units, finishes, amenities and common spaces to take advantage of a very strong market.”

Featuring amenities such as washer/dryers in every unit, stainless steel appliances and granite countertops, Gatzambide says the building stands out against older residential product, citing “lack of luxury supply in the marketplace,” which is continuing to be highly sought-after in the borough. “We feel that the area has evolved, and with Vornado’s investment in Rego Park II, that’s been another example of the demographics in the area just continuing to improve,” he says. “As that has occurred and as prices have come up in Manhattan quite tremendously, people are looking for value outside of the city, however, they still want a luxury-type product, and that’s where this project fits in a tight market. We are able to offer luxury amenities and finishes at a price point that people can get in the city or certainly elsewhere in the neighborhood.”