Durst Organization pays $173.5M for LIC site once slated for tallest tower in Queens

Posted On Fri, December 16, 2016 By

Posted On Fri, December 16, 2016 By In condos, Long Island City, New Developments, Queens, Rentals

Back in 2015, Property Markets Group and the Hakim Organization announced plans to erect the tallest tower outside of Manhattan in Long Island City at 29-37 41st Avenue. The residential building, then dubbed Queens Plaza Park, would rise 914 feet atop a Queens Plaza site and boast high-end condos and a projected $363.2 million sellout. However, in July 2016, the developers abandoned those plans, putting the site up for sale for an undisclosed amount. Now, as the Times reports, the Durst Organization has scooped up the site for $173.5 million and is considering going forward with the massive construction, but as a rental tower with more than 1 million square feet.

29-37 41ST AVENUE LIC QUEENSThe construction site which abuts the Queens clock tower building

Kevin Maloney and Kamran Hakim, the original developers, told the Times that they “didn’t have the horsepower to get it done.” The pair spent several years assembling the site, ultimately paying out $113 million; $46.3 million of which was for the location of the proposed tower alone. All in all the project would have cost $750 million to complete.

The Times is quick to point out that high construction costs, difficulties acquiring financing, and the city’s ever-increasing inventory of luxury units are making it difficult for developers to push projects through. Likewise, the uncertainty swirling around the fate of the 421-a housing program has quieted new residential development as well.

But this downturn doesn’t appear to be holding the Durst Organization back. The Queens Plaza tower is the fourth abandoned project the company has snagged in recent years.

“Acquiring distressed sites allows us to build rentals and make the long-term investments that have served us well for more than 100 years,” said head honcho Douglas Durst to the Times.

[Via The New York Times]

RELATED:

Tags : , , , , ,

MOST RECENT ARTICLES

  • Stackable furniture line from Debra Folz Design makes storage stylish

    Stackable furniture line from Debra Folz Design makes storage stylish

    There are all types of stackable furniture out there, and while many of them function perfectly well, they’re not always ...
  • This $4M Riverdale mansion, known as the Esmeralda, was built in 1899 and still impresses today

    This $4M Riverdale mansion, known as the Esmeralda, was built in 1899 and still impresses today

    The historic mansions of Riverdale never fail to impress, and this gem is no exception. Built in 1899 and known ...
  • Renzo Piano’s 565 Broome Street on the rise; the world of Hamilton at Green-Wood Cemetery

    Renzo Piano’s 565 Broome Street on the rise; the world of Hamilton at Green-Wood Cemetery

    After launching sales in September, Renzo Piano’s two-towered 565 Broome Street is finally on the rise. [CityRealty] The quest to ...
  • FREE RENT: This week’s roundup of NYC’s rental concessions

    FREE RENT: This week’s roundup of NYC’s rental concessions

    Upper West Side Beaux Arts Beauty ‘The Willard’ Offering Two Months Free, 1-Bedrooms From $2,996/Month [link] Live at LIC’s Hayden: ...
  • 432 Park would have generated $30M for affordable housing with de Blasio’s mansion tax

    432 Park would have generated $30M for affordable housing with de Blasio’s mansion tax

    Outside of 432 Park Avenue, Mayor de Blasio held a press conference on Thursday to discuss his mansion tax. The ...
  • City reveals garment district rezoning plans, citing incentives to move makers to Sunset Park

    City reveals garment district rezoning plans, citing incentives to move makers to Sunset Park

    At a Manhattan community board meeting Wednesday evening, city officials told garment industry representatives of plans to remove Midtown‘s manufacturing ...
  • The Urban Lens: Behind the counter and into the caves at Murray’s Cheese

    The Urban Lens: Behind the counter and into the caves at Murray’s Cheese

    6sqft’s ongoing series The Urban Lens invites photographers to share work exploring a theme or a place within New York City. ...
  • New renderings revealed for NYCHA’s raised earth Red Hook Houses by KPF

    New renderings revealed for NYCHA’s raised earth Red Hook Houses by KPF

    When Superstorm Sandy hit the community of Red Hook, thousands of residents were left without power and basic necessities for ...
  • Judge once again stops work at Pier 55 over environmental concerns

    Judge once again stops work at Pier 55 over environmental concerns

    If you thought the roller coaster that is Pier 55 was over since construction began in November, you may not want ...
  • Amtrak will provide additional weekend service between Boston and New York

    Amtrak will provide additional weekend service between Boston and New York

    Amtrak will soon offer more weekend service options between Boston and New York, the railroad company announced Thursday. Those who ...
  • Apply for 25 units at new affordable/supportive housing project in Brownsville, from $876/month

    Apply for 25 units at new affordable/supportive housing project in Brownsville, from $876/month

    The Van Dyke Houses in Brownsville are a huge NYCHA compex, consisting of 24 buildings. Recently, a $56 million public/private investment ...
  • $665K sunny Williamsburg co-op looks like a chic Amsterdam flat

    $665K sunny Williamsburg co-op looks like a chic Amsterdam flat

    With a subtle and stylish renovation, lots of irresistible textures like pale wood and whitewashed brick, and tons of sunlight, this ...

SIGN UP FOR OUR NEWSLETTERS

Thank you, your sign-up request was successful!
This email address is already subscribed, thank you!
Please provide a valid email address.
Please complete the CAPTCHA.
Oops. Something went wrong. Please try again later.