Demolition Clears Site for BedRock, LMXD's 560-Unit Astoria Tower

Demolition is complete at 35-10 Steinway Street in Astoria, clearing the corner lot where BedRock Real Estate Partners and LMXD plan a 27-story, 560-unit rental tower, according to a Department of Buildings new-building filing and project reporting from New York YIMBY and Commercial Observer.

Why it matters

The site is a piece of the wreckage of Innovation QNS, the five-block, roughly $2 billion rezoning that Silverstein Properties walked away from after a 2022 ULURP approval. BedRock and LMXD paid $53 million for the parcel, which includes an adjacent lot at 35-18 Steinway Street, then closed on a $250 million construction loan from New York Life Investment Management in August, arranged by a JLL team led by Rob Hinckley and Scott Aiese. Beyer Blinder Belle is the architect of record, and the plans call for all-electric infrastructure, a mix of studios to three-bedrooms, and a new P.C. Richard & Son store on the retail base. Twenty five percent of the units are set aside as affordable, pegged to an average of 60 percent of area median income. A megaproject that collapsed in 2022 is now moving forward as a single building, which is the more common outcome when a rezoning survives but its original sponsor does not.

The numbers

DOB NOW job filing Q01275800, filed Nov. 11, 2025 for BBL 4006680005 (Block 668, Lot 6, BIN 4625766), proposes a 27-story, 285-foot building with 497,823 square feet of floor area and 560 dwelling units. As of the filing’s most recent status updates in late October 2026, related sub-filings for curb cuts and site work carried objections pending plan-examiner sign-off, meaning the floor and unit counts are the applicant’s current proposal rather than a fully approved final plan. The $53 million site purchase and the $250 million August loan are the only dollar figures tied to the project in the public record pulled for this piece.

What’s next

Developers told Commercial Observer construction was set to begin in August 2026, with completion targeted for 2029. YIMBY reports excavation equipment had not arrived at the cleared site as of its most recent visit, though work could start before the end of the year. The American Developer will track the next DOB status change and any permit issuance at Block 668, Lot 6. More on the borough’s pipeline is at the New York market hub.