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Massive Clock Tower development site bought by Durst Organization for $167 million

PMG’s former plans

Dec. 16, 2016 By Hannah Wulkan

The Clock Tower development site in Long Island City is in the hands of a new owner.

The Durst Organization announced today that it has purchased the huge development site at 29-37 41st Avenue from former developers Property Markets Group and Kamran Hakim for $167 million.

Durst announced that it plans to build a one million square foot, 1,000-unit rental building under the 421-a program, which requires at least 25 percent of the units to be affordable in exchange for up to a 35-year exemption from property taxes on the site.

The plans for the site also include a half-acre public park and a renovated Queens Plaza subway entrance.

“This is an extraordinary site with spectacular views and outstanding mass transit connectivity,” said Jonathan Durst, President of the Durst Organization.

“The project provides us with the opportunity to build much needed market-rate and affordable housing and to make the long-term investments in New York City that have been the bedrock of The Durst Organization’s success for more than 100 years. We look forward to joining, and working with, our new neighbors in Long Island City.

Hakim and PMG paid about $133 million for the site, including acquiring air rights and the landmarked clock tower, all of which was included in the sale to Durst.

The developers had planned to build an 800-unit condo and rental building on the site, but instead put the site on the market with HFF over the summer, according to The Real Deal.

Durst is also developing the massive Hallets Point project in Astoria.

Representatives from PMG and HFF were not immediately available for comment.

The Real Deal was first to report this story.

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8 Comments

MRLIC

The Fake MRLIC wrote the Dec. 19, 10:17 p.m. pot. He caught 3 Salmon with Robert Durst he said. I hope he did. lol.

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MRLIC

I’m happy for the Durst organization and welcome them to my neighborhood. Me and Robert Durst used to party all the time, or just the most random things. One night he asked me to go fishing with him on Galveston Bay. Before we did he made me carry something in plastic bags and dump it in the water, I’ll never know what it is, but I caught 3 salmon.

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MRLIC

Greed is still GOOD in NYC . Where are all these people going to fit on he subways which are severely over crowded,The 7 is at capacity now. There are no shopping stores nearby for clothes and electronics. Sure Steinway is not far but not walking distance. Where are hey going to walk their doggies? Terrible planning going on in LIC.

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Patricia Dorfman

hmmm…this sounds, due to location, as though the city intends to ignore the residents of queens on the decking over of the yards, the feasibility study due soon… (how about half a giant park on the 200 acres?) and time for a candidate for mayor (hint! hint!) to step up and say in your own words with your own agenda and we know you think so and we will carry you to the mayoralty!
_____

“nyc is becoming overdeveloped in a way that is not beneficial to actual residents of nyc. I am against the wholesale gentrification going on, rezoning for the rich, the permanent, out-of-control, unplanned-for-overbuilding of once beautiful city. i am against the widespread speculation, warehousing, high rent blight which displaces small businesses and residents, creates homeless, and blocks out the sky. i am in favor of union building, small business jobs survival act or similar measure. i will not accept real estate contributions and return any I have accepted. i am against all the overbuilding before infrastructure is planned and in process, for transit, parks, schools, sewers, civil needs. i love my city and want it to be a city for all of us, old and new, rich and poor, middle and lower, to build our dreams, and safe for all.”

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Anonymous

So the plan is to block construction of new housing, and hope that rents somehow go down? Good luck with that.

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Gman

Jimmy Van Bramer shouldn’t be dog catcher let alone mayor.
He represents the alt left and fringe groups. He was elected by the non-woRking families party because these people don’t work. They just suck the blood out of everyone else. Jimmy should grow up and realize he has a large constituency of educated conservatives who are tired of seeing their tax dollars being wasted on trivial causes. He should use his safety pin to hold up his diaper.

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