The Real Deal New York

G&M Realty will walk away from violations-plagued LIC property

December 03, 2009 03:04PM

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.”

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