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

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