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Sale of Parkway Village mulled

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The owners of Queens’ Parkway Village, which was built in 1947 as rental housing for United Nations workers and converted into co-ops in 1982, are mulling a sale of the property. The 685-unit complex may be sold to a private developer for a hefty sum, though the property’s potential value may hinge on whether the city would allow the area to be upzoned, clearing the way for a new owner to build residential towers on the site of the current low-rise co-op structures. As it stands now, Parkway Village’s co-op owners could stand to make hundreds of thousands of dollars apiece from the sale. more [Queens Crap]

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