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Clock Tower sold to institutional investors, time running out to save it

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Nov. 24, 2014 By Christian Murray

The Clock Tower has a new owner and its future looks grim.

Queens Plaza Park Development, an unidentified institutional investor, bought the tower for $30 million earlier this month, according to city records.

The property, located at 29-27 Queens Plaza North, had been bought by Criterion Group, a residential development company, for $15 million in May.

No plans for development have been filed with the building department at this stage.

The Real Deal was first to report the story.

Since the May purchase, several residents have banded together in an attempt to landmark the building, which was originally built in 1927. It had been the tallest building in Queens until 1990 when it was surpassed by the Citibank building.

The Clock Tower building has largely been empty for the past 25 years– although it was recently used by an arts group.

Meanwhile, on a site adjoining the Clock Tower (29-37 41st Avenue), Queens Plaza Park Development bought it for $46.3 million.

The 29-37 41st Street site has a buildable square footage of roughly 205,000 square feet and comes with approvals for a 30-story residential tower with 242 units, according to the Real Deal.

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Matthew Criscuolo

It is a beautiful building, imo. But, its location and other factors unknown to me ha e left it indented and wasted as long as ive driven past it (30 years). I am nor sure if id miss anything other than the “space available” sign that has been posted for what seems forever.

Ill miss the architecture but not the empty store front.

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Helen

Save it? what’s to be save? It’s been empty for the last 25 years; and for a landmark it’s pretty ugly.

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