PMG looks to sell empty LIC rental tower

Kevin Maloney's firm developed 23-01 42nd Road with Vector Group

New York /
Aug.August 18, 2016 02:50 PM

Kevin Maloney’s Property Markets Group is looking to sell a newly built and still empty rental tower in Long Island City, in a bid to tap into growing institutional investor demand for New York City multifamily properties.

PMG TRData LogoTINY built the 45-story, 391-unit tower at 23-01 42nd Road in partnership with Howard Lorber’s Vector Group and toyed with the possibility of turning the units into condominiums, filing a $364.2 million condo plan with the Attorney General’s office.

Leasing at the tower is set to begin next week, with average asking rents of $62 per square foot.

“The business plan always, from day one, was to build a rental and sell it,” Maloney told Bloomberg. “We have a price point we want to achieve and if we don’t achieve it, we’ll finance the building and just enjoy the cash flow.”

Eastdil Secured’s Adam Spies and Doug Harmon are marketing the property. Since the building’s condo plan was approved, a potential buyer could opt to sell the units instead of renting them out.

Elsewhere in Long Island City, PMG and partner Hakim Organization are looking to sell a nearby development site at 29-37 41st Avenue, which they paid at least $133 million to assemble. [Bloomberg]Konrad Putzier

 

Related Articles

arrow_forward_ios
Kohler Interiors' Rachel Kohler with  21-05 51st Avenue (Loopnet, Getty)
Tile retailer Ann Sacks inks 21K sf lease in Long Island City
Tile retailer Ann Sacks inks 21K sf lease in Long Island City
TF Cornerstone's Fred Elghanayan, 2-20 and 2-21 Malt Drive (Getty, SLCE Architects)
TF Cornerstone lands $725M for next Long Island City megaproject
TF Cornerstone lands $725M for next Long Island City megaproject
A photo illustration of Savanna co-chairman and president Christopher Schlank and One Court Square in Long Island City, Queens (Getty, Savanna, LoopNet)
Savanna’s LIC tower signs health care giant
Savanna’s LIC tower signs health care giant
SB Development’s Joseph Stern and Northwind’s Ran Eliasaf with rendering of Nova (LinkedIn, NOVA)
SB Development, Hazelton Capital score $62M loan for LIC condo tower
SB Development, Hazelton Capital score $62M loan for LIC condo tower
ZD Jasper Realty's Jasper Wu with 23-17 41st Avenue (ZD Jasper, Google Maps, Getty)
GTJ sells East New York warehouse; Kartsonis, Wu cut deals
GTJ sells East New York warehouse; Kartsonis, Wu cut deals
Chris Jiashu Xu and the Skyline Tower (Skyline Tower)
Some Skyline Tower condo owners say they were deceived
Some Skyline Tower condo owners say they were deceived
From left: Heatherwood Communities' Douglas Patrick and Attorney General of New York Letitia James along with 568 Union in Williamsburg (Heatherwood Communities, Getty, Twitter/CertilmanBalin)
Luxury developer to cough up $3M for underpaying workers
Luxury developer to cough up $3M for underpaying workers
One Court Square in Long Island City QNS and Savanna managing director Brian Reiver (Wikipedia, Loopnet, Getty))
Savanna’s LIC office tower nabs big tenant
Savanna’s LIC office tower nabs big tenant
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...