Once known as The Saxon, the 16-story building is now called The Drake, a full-amenity luxury rental at 62-60 99th Street.
Last year, the building was bought for $135 million by Madison Realty Capital. The building consists of 419 mid-century inspired one-to four-bedroom apartments, 100 of which have already been updated.
The redevelopment also included the addition of building amenities such as a state-of-the-art fitness and wellness center, a pet spa, a resident’s lounge and a children’s playroom.
The Drake was named after a historic cinema that served as a social and cultural center in the 1950s, said Eric Benaim, CEO and founder of Modern Spaces, the real estate brokerage company tasked with leasing the building’s units.
Benaim added that the apartments are meant to be high-end options in an area dominated by Tudor-style homes.
“More and more renters are moving east in response to rapid increases in pricing in Astoria and Long Island City,” said Jay Heydt, managing director of leasing at Madison Realty Capital.
The apartments have been renovated with oversized windows, wood floors, quartz countertops, Kohler soaking tubs and separate shower stalls.
One-bedrooms rent for $2,123 a month, a two-bedroom for $2,769, a three-bedroom for $3,415 and a four-bedroom for $3,785.
Madison Realty Capital is also transforming the building’s common areas, exterior and landscaping. The building will also offer storage space for rent and complimentary bike storage, in addition to the on-site parking garage.