Michael Waldman, QB co-founder and developer, was profiled today in NY Daily News for his innovative approach in selecting development sites, including the Queensbridge Theater in Long Island City, Queens.
Located within an industrial business zone, Waldman purchased this 40,000-square-foot warehouse for $6 million. With the help of a friend, he plans on turning it into a 24-hour restaurant, performance space, nightclub and music venue. “Nothing like this has ever appeared in this neighborhood,” says Waldman. He’s not kidding. There’s almost no one there.
In a little-known industrial area of Long Island City, Waldman purchased a warehouse for $6 million where he plans to open a music venue, performance space, nightclub and restaurant. The basement will house his Ducati dealership’s motorcycle repair shop. The restaurant will offer local food delivery on a 24-hour basis.
“This project brings around 30 new jobs to the neighborhood, and the restaurant will provide fresh-baked bread and solid food,” says Waldman. “Then, in five to 10 years, the real estate I bought for $300 per square foot will be worth $600. And, we’ll have a pretty good time.”
Robert Prichard, QB Artistic Director, was named as one of the area’s “recent arrivals” in a related article:
Robert Prichard was the first person to rent an apartment in a new construction rental building on 10th St. near 35th Ave. An avant-garde theater producer, Prichard and developer Michael Waldman are opening Queensbridge Theater down the street from Prichard’s home. He pays $1,800 for an 850-square-foot two-bedroom with two balconies. One-bedrooms rent for $1,100. Other two-bedrooms go for $1,500. East of 21st St., apartments fetch at least $200 more per month.
“I like walking down the street at night and not seeing anyone at all,” says Prichard, who founded Surf Reality, an East Village performance space that ran for almost 10 years. “The neighborhood has this do-it-yourself feel to it. But I like paying $28 for four steaks at Costco.”
Set to open this summer, the Queensbridge Theater will provide live music, entertainment acts, food, late-night dancing and kids’ events, adding an air of excitement and weekend traffic this area has not seen in 50 years.