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Coming Home to Queens, LeFrak Unveils The Contour

NEW YORK CITY- Mario Gatzambide, VP at the LeFrak Organization, talked with GlobeSt.com’s Jacqueline Hlavenka about the company’s first New York City apartment development in 38 years – an office to multifamily conversion in Rego Park.

By Jacqueline Hlavenka | Updated on June 04, 2012

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.”

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