New Residential Development Planned on Land Rezoned for Innovation Queens

A new 429-unit residential development is moving forward in Astoria at 35-45, 35-33, and 35-42 41st Street, near 36th Avenue. Known as Elara, the project will consist of two residential buildings, an 18-story tower and a 12-story building, with 107 permanently affordable apartments and ground-floor retail.

Designed by S9 Architecture and developed by The Domain Companies, Elara East will contain 330 apartments, while Elara West will contain 99. The development is expected to include a wide range of amenities, including fitness centers, coworking spaces, a screening room, listening lounge, gaming room with golf simulator, children’s playroom, dog wash station, outdoor courtyards, and a communal roof terrace.

Construction financing for the project was recently finalized, with Domain Companies and its equity partners Canyon Partners Real Estate and BLDG Management securing $175.6 million from Wells Fargo.

Elara is also notable because the property sits within an area that was rezoned as part of the Innovation Queens development proposal, a much larger project that was ultimately canceled after its original developer, Silverstein Properties, withdrew their proposal.

The cancellation of Innovation Queens, however, did not erase the underlying rezoning. The development rights created through that rezoning remain in place, allowing other property owners and developers to pursue projects that take advantage of the new zoning framework.

Elara is a clear example of how the effects of a major rezoning can continue long after the original development proposal disappears. While Innovation Queens itself is no longer moving forward, the zoning changes it helped establish have created opportunities for new development on properties within the rezoned area.

In this case, a different developer is now moving forward with a substantial residential project that will bring hundreds of new homes to the neighborhood, including permanently affordable housing.

Elara West is currently anticipated to open in February 2028, followed by Elara East in September 2028.