Jan. 12, 2013 By Bill Parry
A large Queens Plaza property seen by riders of the 7 train on their daily commute is slated to be demolished and replaced by two residential towers.
Property Markets Group, a well known residential real estate development company in New York City, plans to demolish 23-10 Queens Plaza South, the 5-story former Eagle Electric factory building to make way for the construction of two 28 story residential towers with a total of 410 units and retail space on the ground level.
Last month, PMG purchased the Queens Plaza South property and adjoining lot 23-01 42nd Road for $37million.
The deal represented a partnership consortium among PMG, Vector Group and the Hakim Organization with The Kraupner Group as the seller.
Kevin Maloney, the founder and Executive Director of PMG said, “We are pleased to develop much needed, convenient housing for Manhattan Commuters.”
Howard Lorbey, President and CEO of Vector Group said, “We believe this high quality location will prove to be an attractive redevelopment opportunity.”