In December, we stopped by 10-27 47th Road and saw that construction had started on site.1 We were walking by last week and saw that steel beams have been installed on site, as seen in the photo below. According to permits filed with the Department of Buildings, a new three-story residential building with 5,000 square feet will rise.2
Construction is set to finish in January, 2017, according to on-site signage.

A view of 10-27 47th Road

Rendering for 10-27 47th Road