PMG looks to sell empty LIC rental tower

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

TRD 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
A rendering of the site at 44-02 Vernon Boulevard in Long Island City and Douglas Durst

Owners of LIC’s “Lake Vernon” notch win in tug-of-war with Durst

Owners of LIC’s “Lake Vernon” notch win in tug-of-war with Durst
Vector Group president and CEO Howard Lorber (Getty, iStock)

Howard Lorber’s comp is too damn high: Investors

Howard Lorber’s comp is too damn high: Investors
Rich Barton, Howard Lorber, Jay Hennick, Brett White

Real estate firms are raising billions in debt and equity. Here’s why

Real estate firms are raising billions in debt and equity. Here’s why
Clockwise from top left: 190 Beach 69th Street, 47-20 Center Boulevard and 2505 Bruckner Boulevard

These were the top outer borough loans last month

These were the top outer borough loans last month
From left: Eagle Lofts at 43-22 Queens Street in Long Island City, 292 North 8th Street in Williamsburg and The Landing at 15 Bridge Park Drive in Brooklyn Heights (Credit: Rockrose Development, Stonehill & Taylor Architects and StreetEasy)

Rockrose’s $350M haul tops March list of outer-borough loans

Rockrose’s $350M haul tops March list of outer-borough loans
38-42 12th Street (Credit: Google Maps)

Joint venture plans 400K sf commercial project for LIC

Joint venture plans 400K sf commercial project for LIC
The Real Deal interviews TF Cornerstone's Tom Elghanayan at REBNY's 124th annual banquet.

TF Cornerstone exec: How I got over Amazon dumping LIC

TF Cornerstone exec: How I got over Amazon dumping LIC
A photo illustration of Michael Gianaris and Jeff Bezos (Credit: Getty Images, Wikipedia, iStock)

Gianaris wants to reform NYC tax credit programs that drew Amazon

Gianaris wants to reform NYC tax credit programs that drew Amazon
arrow_forward_ios

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

Loading...