Yet another tall tower is headed for Long Island City

Posted On Fri, July 20, 2018 By

Posted On Fri, July 20, 2018 By In Long Island City, New Developments, Queens

42-50 24th Street rendering via Dynamic Star

Long Island City has been fertile ground for new skyscrapers for over a decade–and the biggest additions are still yet to come. Despite concerns over an apartment glut, developers are racing to send 60- and 70- story towers skyward, including the Durst Organization’s Queens Plaza Park, United Construction’s Court Square City View Tower, and Stawksi Partners’ 43-30 24th Street. A newcomer to this party is a mixed-use tower from Dynamic-Hakim and Property Markets Group (PMG) set to rise at 42-50 24th Street, CityRealty reports.

42-50 24th Street, new developments, long island city, LIC
42-50 24th Street rendering via Dynamic Star

The developers acquired the 33,982-square-foot lot in December 2015 for $69 million from taxi kingpin Ron Sherman, head of CMT. The development site currently holds a surface parking lot and is close to both the Queensboro Plaza and Court Square stations. In addition to three street frontages, the lot is bound to the west by the elevated 7 train and to the north by an elevated access road serving the Ed Koch Queensboro Bridge. PMG’s 1 QPS rental tower is one block north and two aforementioned towers are underway directly south.

42-50 24th Street, new developments, long island city, LIC

42-50 24th Street, new developments, long island city, LIC

The site looking to the northeast (Google streetview)

A rendering and details posted to Dynamic Worldwide Group show a sleek 70-story tower composed of three interlocking components. A square masonry base grounds the building which then transitions to sweeping glass tower with front-and-center views of Midtown Manhattan. Perkins Eastman Architects is listed as the architect; according to the site, the building will encompass a whopping one million square feet.

42-50 24th Street, new developments, long island city, LIC
Via Terra Capital Markets

Mission Capital arranged the financing for the property purchase and Terra Capital Markets was the lender. Documents from Terra in regards to the acquisition financing explain the site is currently zoned for a 271,856 square foot, mixed-use tower but the purchase of air rights from an adjacent parcel owned by the Department of Transportation could increase the project’s square footage to 373,272. The Department of City Planning is currently evaluating the area for upzoning, which could potentially double the new building’s size.

[Via CityRealty]

RELATED:

Tags : , , ,

Neighborhoods : Long Island City

MOST RECENT ARTICLES

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.
Archtober