Kevin Maloney buys $56M air rights from MTA for LIC tower

Developer is planning a 77-story residential building

TRD New York /
Mar.March 26, 2015 07:59 AM

The MTA is getting $56 million in a deal to sell air rights to Property Markets Group and joint venture partner Karman Hakim, who are planning to build a 77-story residential tower on Queensboro Plaza in Long Island City.

Under the current zoning, Kevin Maloney’s PMG would be able to build a 40-story tower on the site, at 29-37 41st Avenue, but the purchase of 478,00 square feet of air rights will allow it to add up to an additional 39 stories, according to the New York Daily News. Plans filed earlier this month called for 70 stories. 

“Every dollar we are able to secure through real estate transactions helps to reduce the pressure on the fares, tolls and taxes that support the MTA,” agency spokesman Aaron Donovan said. Critics have pointed out that plans for the tower do not include affordable housing.

As part of the deal, PMG will acquire three small parcels of land, one of which will be developed into a public park.

The developer picked up the site for $46 million late last year. [NYDN] — Tess Hofmann


Related Articles

45-10 19th Avenue in Long Island City (Credit: Google Maps)

Broadway Stages plans another LIC film studio

Charney Construction and Development's Sam Charney and 45-03 23rd Street in Long Island City (Credit: Charney Construction, Google Maps)

Charney Construction & Development branches out

Scott Rechler and clockwise from top left: 2455-2457 Third Avenue, 150 West 48th Street and 42-11 9th Street (Credit: Google Maps, Getty Images)

RXR’s Long Island City development was the biggest new project filed in December

Savanna's Chris Schlank and One Court Square (Credit: iStock)

One Court Square recapitalized in $880M deal

A rendering of Hunters Point South

Developers score at least $446M in city financing for LIC development

RXR CEO Scott Rechler and an aerial view of the site (Credit: Getty Images, Google Maps)

RXR plans 21-story LIC office building with manufacturing incentives

King Street Properties’ Rob Albro, Eric Gural and 45-18 Court Square in Queens (Credit: GFP Real Estate, King Street Properties, and LoopNet)

GFP partnership lands $156M loan to build LIC biotech center

A rendering of 22-43 Jackson Avenue (Credit: StreetEasy)

Trader Joe’s heading to Long Island City, brokers confirm