From chimneys to condos

It’s four towering chimneys once cast shadows on the industrial waterfront of Long Island City. They are now gone and, in their place, luxury condos are being built at the former Hunters Point power plant.

The luxury apartment complex, dubbed The Powerhouse, is one of the latest residential developments sprouting up amid a building boom in the area known as Queens West.

The structure at 50-09 Second St. being converted into a 175-unit condominium was originally built in 1905, as part of an expansion and electrification project of the Long Island Railroad and Pennsylvania Railroad.

When finished in late 2008, the complex will offer studio, one-, two- and some three-bedroom apartments on 11 floors, with hotel-style amenities. The 250,000-square-foot complex will also boast sweeping views of the Manhattan skyline along the East River.

But some have questioned whether the condos will sell as well as some of the neighboring developments that are complete or nearer to completion.

A weakened housing market and fallout from subprime mortgages has forced banks to tighten their lending requirements and recent stock market woes have investors on edge.

But housing experts said prices in the area remain robust.

“The market is in a fairly good position at the moment,” said Jonathan Miller, an appraiser for Miller Samuel, a Manhattan-based real estate appraiser. “Over the last year, in terms of sales, activity has been over record numbers.”

Two years ago, the 275-foot chimneys of the former power plant - which was last owned by the Schwartz Chemical Company - were demolished, despite vocal opposition from preservationists.

Now, circular glass-enclosed living rooms are being built on the footprint of the demolished chimneys.

The Hunters Point plant was a symbolic icon of the industrial era on the East River. Project costs have been estimated at $100 million to convert the former power plant into luxury condos.

The Powerhouse builder would not disclose sale prices, but condos in the area have fetched about $700 per square foot.

The property was bought for an undisclosed amount by developer Cheskel Schwimmer, vice president of Brooklyn-based CGS Builders.

BY WARREN WOODBERRY JR.

Daily News