The Real Deal New York

PMG, Hakim want $56M of LIC development rights

The purchase of which could allow them to build Queens' tallest building

March 22, 2015 05:00PM

29-37 41st Avenue and Kevin Maloney

29-37 41st Avenue and Kevin Maloney

A joint venture between Kevin Maloney’s Property Markets Group and the Hakim Organization wants to buy nearly $56 million worth of unused development rights and land from the Metropolitan Transportation Authority, which could allow them to build Queens’ tallest building.

The plan also calls for the team to create and maintain a public park and expand subway access at the Queens Plaza station in Long Island City, according to Crain’s.

The developers’ proposed 70-story, 830,000-square-foot tower containing 930 apartments on a vacant parcel near the corner of 41st Avenue and Bridge Plaza North is four times larger than what the zoning called for.

While Property Markets Group already owns an adjacent site, the proposed project would only be possible through the purchase of air rights.

The MTA board is set to vote next week on whether to approve the sale of about 480,000 square feet of air rights from a construction site for the authority’s East Side Access project.

Property Markets and the Hakim Organization declined to comment. [Crain’s] – TRD

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  • BH

    Don’t let them build a monstrosity there. They will be trying to tear down the Iconic Clock Tower. This new behemoth would literally block out the sun for part of the neighborhood

    • comment flagged

      that’s doubtful, unless the building is falling apart. If they acquire the building with the Clock tower, it will be cheaper to renovate it than tearing it down and building something else there. You’re aware that building costs per square foot in NYC are the highest in the world, right?

      • BH

        yes, I am. i also know the owner who sold them the clock tower. Of course it will be easier to renovate and update the building, but i guess you missed the whole part about them wanting to tear it down to build something 70 stories tall…..

        • comment flagged

          yes, I did miss that. Development sites are hard to come by at a reasonable per BSF these days, I guess it pencils out to tear down small skyscrapers like this one… that’s crazy.

          • BH

            LIC is going nuts, and a lot of what is being built was purchased a few years ago…..so prices now are considerably higher, and even some of my Manhattan builders would rather hold off than may $315 / sq ft

        • comment flagged

          also they might be proposing a 70-story tower on a landmark that will never be built to make a 30-story tower seem less controversial

          • BH

            turns out they are going to build around the Clock Tower, no matter what. the grab for air rights is to erect the 900 unit tower. it’s going to be hideous, and grossly out of place.

          • comment flagged

            AH ha! So I was right!

          • BH

            yes, indeed.

  • kevin gorjian

    iconic…lol
    its about time this area get revitalized! go hakimian!!!!

    • LOL

      dude its Hakim Organiztion, Camram…. wake up

      • comment flagged

        all good names end in -ian, I guess.

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