A look at Queens Plaza Park, soon to be the tallest NYC building outside Manhattan

PMG and Hakim's Long Island City skyscraper to rise nearly 1,000 feet

TRD New York /
Aug.August 18, 2015 04:05 PM

Property Markets Group and the Hakim Organization are planning the city’s tallest skyscraper outside Manhattan, and new renderings offer a closer look at the 914-foot-tall building, dubbed Queens Plaza Park.

The 800-unit, 900,000-square-foot residential tower is slated to soar more than 70 stories in Long Island City, where it will encircle and incorporate the 88-year-old Manhattan Bank Building – which PMG and Hakim acquired for $31 million in November.

The 17,000-square-foot project site, positioned near transit-accessible Queens Plaza, was previously planned to house a 16-story Starwood Aloft Hotel, according to 6sqft. But the hotel’s developers went bankrupt during the economic downturn and developer Steve Cheung purchased the property for $8.3 million in 2011.

Cheung then proposed a 30-story, 205,000-square-foot condo tower on the site before opting to sell it to PMG and Hakim for $46.3 million – almost six times his original investment. The developers proceeded to amass 478,000 square feet of development rights through a $56 million transfer deal with the Metropolitan Transportation Authority.

The SLCE Architects-designed Queens Plaza Park, slated for completion in 2019, is one of nearly a dozen skyscrapers taller than 500 feet planned for Long Island City. At least two of those projects look to surpass the 658-foot-tall One Court Square, currently the city’s tallest building outside Manhattan. [6sqft]Rey Mashayekhi


Related Articles

arrow_forward_ios
L&L MAG CEO MaryAnne Gilmartin, 44-02 Vernon Boulevard in Long Island City and Douglas Durst (Credit: Google Maps)

Durst deadlocked with owners of prime LIC site

29-28 41st Street, and from left: Arik Lifshitz Amit Doshi, Adan Elias Kornfeld, Jonathan Shainberg and David Schechtman (Credit: Google Maps)

Long Island City building fetches $47M in wake of rent law

Rendering of the Staybridge Suites at 38-59 11th Street

Long Island City hotel project moves forward with construction loan

42-50 24th Street and (from left) Arnold, Kenneth, Steven and Winston Fisher (Credit: Google Maps)

Fisher Bros. wants to bring a 240-unit mixed-use project to LIC

Jackson Park at 28-40 Jackson Avenue and Tishman Speyer's Rob Speyer (Credit: StreetEasy and Tishman Speyer)

Tishman Speyer locks in $1B in financing for Jackson Park

Clutter CEO and co-founder Ari Mir, and clockwise from left: 280 Fullerton Avenue, 1 Holland Avenue, 3046 Northern Boulevard and 5601 Foster Avenue (Credit: Linkedin, Google Maps)

Self-storage startup Clutter makes its first real estate play with $152M deal

43-20 49th Avenue in Long Island City and Andrew Chung of Innovo Property Group (Credit: Google Maps)

Andrew Chung tees up Queens’ biggest deal of 2019

Court Square Place at 24-01 44th Road in Queens and The New York Times' A.G. Sulzberger (Credit: Google Maps and Getty Images)

All the news that’s fit for Queens: NYT inks lease in Long Island City

arrow_forward_ios