World-Wide purchased the site at the intersection of 24th Street and Queens Plaza North for $28.9 million in the spring.
The new building will be 21-stories and contain 421 studio to three-bedroom rental units. Construction will take 18 months.
“We are excited to be contributing to the growth of one of New York City’s great neighborhoods,” said David Lowenfeld executive vice president of The World-Wide Group. “The building will offer unmatched, convenient access to Manhattan and Cornell’s Tech Campus on Roosevelt Island.”
Partnering with The World-Wide Group oh the project is Rabina Properties and Cammeby’s International Group, which has developed more than $3 billon worth of luxury properties in Manhattan.