The Real Deal New York

PMG, Hakim Organization look to sell massive clock tower development site in LIC

Partners paid $133 million to assemble 1M sf plot at 29-37 41st Avenue

July 08, 2016 05:40PM
By Rich Bockmann

Renderings of Queens Plaza Park at 29-37 41st Avenue and Kevin Maloney

Renderings of Queens Plaza Park at 29-37 41st Avenue and Kevin Maloney

Kevin Maloney’s Property Markets Group and the Hakim Organization are looking to sell their 1 million-square-foot, 800-unit clock tower development site in Long Island City.

The developers have listed the site at 29-37 41st Avenue with commercial brokerage HFF TRData LogoTINY, Queens Beans first reported.

Andrew Scandalios, Christopher Peck, Eric Anton, Rob Hinckley and Jeff Julien are marketing the property. Sources confirmed the listing to The Real Deal but pricing was not available, and a representative for PMG could not be reached for comment.

PMG and Hakim paid at least $133 million to assemble the shovel-ready site in the Queensboro Plaza neighborhood, which has a 15-year 421a tax abatement in place and $35 million in brownfield tax credits, Queens Beans reported.

In November 2014, PMG picked up a large portion of the assemblage at 29-37 41st Avenue for $46.3 million, as TRD first reported.

Maloney’s firm then bought the adjacent clock tower site for $30.9 million. Property records show the developer then paid $49 million to the Metropolitan Transportation Authority for several parcels, plus an additional $6.7 million for air rights.

The developers got as far along as to hire the Marketing Directors as new-development consultants on the project – known as Queens Plaza Park – where about one-third of the apartments would set aside as condos.

PMG and Hakim are also jointly developing a 44-story residential tower nearby at 23-10 Queens Plaza South with Howard Lorber’s New Valley investment firm.

They filed a condo plan with the state Attorney General’s office seeking a $363.2 million sellout, though a representative said the developers are planning to do rentals at the building.

PMG and Hakim also bought a $69 million development site in the area late last year at 42-50 24th Street.

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