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
City’s tallest warehouse could be coming to Queens
City’s tallest warehouse could be coming to Queens
City’s tallest warehouse could be coming to Queens
Richard Lampen and Howard Lorber
Public relations: What’s next for an independent Douglas Elliman?
Public relations: What’s next for an independent Douglas Elliman?
Carlyle's Kewsong Lee and Jason Hart with 22-22 Jackson Avenue (Carlyle Group, ODA Architecture)
For $85M, Carlyle nabs another LIC resi building
For $85M, Carlyle nabs another LIC resi building
Residents at Sven in Long Island City will be able to control the light show atop their building, as well as some in Manhattan. (Spireworks)
LIC tower giving residents chance to light up night
LIC tower giving residents chance to light up night
Bienvenidos a Miami: Here’s a glimpse inside the new Douglas Elliman
Bienvenidos a Miami: Here’s a glimpse inside the new Douglas Elliman
Bienvenidos a Miami: Here’s a glimpse inside the new Douglas Elliman
The Real Deal's Erin Hudson with Property Markets Group's Kevin Maloney, Crescent Heights' Russell Galbut, Kushner Companies' Nikki Kushner Meyer and Witkoff Group's Steve Witkoff
Witkoff, Kushner, PMG, Crescent Heights talk strategy at TRD’s Miami event
Witkoff, Kushner, PMG, Crescent Heights talk strategy at TRD’s Miami event
Vector CEO Howard Lorber and Elliman CEO Scott Durkin (Getty)
Douglas Elliman to go public in spinoff from Vector Group
Douglas Elliman to go public in spinoff from Vector Group
Amazon eyeing 400K sf office in Jersey City
Amazon eyeing 400K sf office in Jersey City
Amazon eyeing 400K sf office in Jersey City
arrow_forward_ios

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

Loading...