New York-based Edward J. Minskoff Equities Inc. plans to develop a 655,000 sq. ft., Class-A office building in Long Island City, New York. The developer will begin construction of the 15-story building, to be located near Queens Plaza between 40th Avenue and 40th Road, after single or multiple tenants are pre-leased for a substantial portion of the property. The project cost was not available.

Leasing agent Insiginia/ESG Inc. is targeting banks, insurance companies and other institutional tenants to occupy the building. Richard Karson, Gregory P. Knoop, Eric Engelhardt, John Reinersten, Dina Raynolds and Roni N. Horenstein are the leasing agents for the project.

Rents will be about one-third the price of comparable space in Midtown Manhattan, according Insignia/ESG. Edward J. Minskoff estimates the building can be constructed in about 18 months. The project site will have access to the Manhattan subway system, the Queensboro Bridge and the planned East Side Access railroad project.

Since the project will be located in the newly re-zoned Long Island City district, tenants will be eligible for REAP, ICIP, energy and rent benefits.