Long Island City’s 5Pointz, the iconic, graffiti-covered factory along Jackson Avenue, may be torn down and replaced with two apartment high rises if building owner Jerry Wolkoff has his way. According to the Daily News, Wolkoff recently met with officials from the Department of City Planning to discuss the possibility of 1,300 rental apartments at the site and a revitalization of the entire surrounding block, which was rezoned in 2001 to allow for large-scale development. The $300 million project would include shops, restaurants, a supermarket, open-air concourse and artists’ studio space, and would likely require a zoning variance for the taller residential tower, which would rise to 40 stories. Comments

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G&M Realty, owner of graffiti-covered 5 Pointz, the shuttered Long Island City art studio building plagued by safety violations and other necessary repairs, is abandoning the property permanently, a spokesperson for the company said. The former factory at 45-46 Davis Street was ordered vacant by the Department of Buildings in April after an exterior staircase collapsed, crushing a tenant. G&M was fined $13,000 for the incident, and was later handed a list of repairs by DOB before the site could be reopened. The company has completed most of those repairs, the spokesperson said, but “we finally realized that the cost to repair all the violations could have gone over $1 million, so we have no choice but to walk away.”