The structure topped out during June 2020, and developer Durst Organization began renting apartments in late 2021.

[11][12] Sven's residential component was originally slated to be the tallest building in Queens, though the Skyline Tower would be taller if completed first.

[5][8] Amenities include an outdoor pool, a 20,000-square-foot (1,900 m2) gym, a private library for residents, co-working space, a children's playroom and a demonstration kitchen.

The building's concave exterior design by Handel Architects has drawn comparisons to London's 20 Fenchurch Street.

[21] As part of Sven's construction, the former Chase Manhattan Bank Building was converted into the residential development's retail base,[5] with more than 50,000 square feet (4,600 m2) of commercial space.

The southern facade, facing Queens Plaza, included three vertical architectural bays that each contained windows under a relief.

The entrance portico, made of masonry, was topped by a Gothic Revival entablature with a depiction of Oceanus, a Greek god that was also used as the Manhattan Company's icon, as well as a glazed transom.

[24] Other features on the tower include carvings of gargoyles, as well as a "castellated turret, copper windows and granite shields".

[26] The Queensboro Plaza station, a large two-level subway hub, opened in 1916–1917, further bringing development to the area.

[27][28] Queens Plaza came to be characterized as a "a new downtown", supplanting the Hunters Point section of Long Island City in that regard.

[29]: 138  From the 1920s through World War II, Queens Plaza served as the location for many factories and warehouses, some of which later became office buildings, as well as a financial hub with several banks.

[34] These plans, announced in October 1925, called for a 14-story structure, comprising 11 stories of offices and a 3-story clock tower on top.

[11][37] The Manhattan Company had bank vaults in the basement of 29-27 Queens Plaza North, and also occupied the ground and mezzanine floors within the base.

[11] It remained abandoned from the bank's closure through 2012, when the vaults and clock tower were temporarily used for site-specific art.

[41] The site of the Chase Manhattan Bank Building was originally planned to contain a 16-story hotel, but economic downturn caused the developers to enter bankruptcy.

[44] Amid rumors of development, preservationists lobbied for making the Bank of the Manhattan Company building an official landmark.

[48] The MTA sold the land above the East Side Access tunnel to PMG and Hakim in March 2015.

[21][53] In 2016, the Durst Organization purchased the site for $175 million from PMG with intentions to develop a residential tower.

[54][55] Kevin Maloney and Kamran Hakim, who respectively headed PMG and Hakim Organization, stated that they did not "have the horsepower" to finish the project; according to The New York Times, Maloney had an almost-due acquisition loan on the Chase building and could not get a construction loan for the rest of the project without equity.

The construction of the foundations was difficult because of the need to work around the Chase Manhattan Bank Building to the south, and a northern curved wall following the retaining wall of the excavation pit for the East Side Access tunnel boring machines now concealed by Sven Park.

[14] The developers also planned to restore the four clocks on the Chase Manhattan Bank Building, a project that was expected to be completed in late 2020.