FORMER POWER STATION TO BECOME LUXURY CONDOMINIUM

NEW YORK CITY — CGS Developers is converting The PowerHouse, formerly home of the Pennsylvania Railroad’s century-old power station, into a luxury condominium located along the East River at 50-09 Second St. in the Long Island City neighborhood of Queens, New York City. Karl Fischer and Andres Escobar designed the 177-unit building, which features 80 layouts for studio, one-, two- and three-bedroom homes. Residence sizes will range from approximately 600 to more than 1,700 square feet, and will contain oversized windows, American walnut hardwood floors and solid-core doors. Prices begin at approximately $450,000. Amenities will include a residents’ lounge with billiards, a large plasma-screen television, a wet bar and seating, a children’s play area, a social space that includes a fully equipped screening room and a fitness center, on-staff personal trainers, on-site cold storage and a high-tech virtual concierge system for the home, building and neighborhood amenities and services. Another amenity will be New York’s first Aqua Grotto, a water-oriented social space that includes a large whirlpool with a waterfall, massage services and a full-service spa. Occupancy is slated for July 2008.