You are reading

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.

email the author: news@queenspost.com

8 Comments

Click for 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.

Reply
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.

Reply
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.

Reply
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.”

Reply
Anonymous

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

Reply
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.

Reply

Leave a Comment
Reply to this Comment

All comments are subject to moderation before being posted.

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Recent News

May races in Queens: JFK Airport 5K, Forest Park trail classic and a Queensborough 5K

May. 16, 2025 By Paulina Albarracin

The energy of May is on full display across Queens, with a lineup of local races that invite runners of all levels to hit the pavement and the trails. With mild temperatures and sunny skies setting the stage, it’s the perfect time to take advantage of the spring weather before the summer heat sets in. From the Forest Park 4 Mile Road and Trail Classic to the festive Great Hawaiian Luau 5K at Flushing Meadows-Corona Park, these events offer more than just a workout—they foster community spirit and personal growth. Don’t forget to apply sunscreen before lacing up and heading out. Whether you’re a seasoned runner or new to the sport, these May races offer a chance to challenge yourself and connect with others in motion.

Mayor Adams marks one year of ‘Padlock to Protect’ with pizza and progress in Queens

Mayor Eric Adams marked the one-year anniversary of the launch of the city’s “Operation Padlock to Protect” initiative at a pizzeria on the Rego Park and Middle Village border on Wednesday and touted the significant progress in shutting down more than 1,400 illegal smoke shops across the five boroughs and seizing more than $95 million in illegal product since last May.

“The city was fed up. We heard it at every town hall. This time last year, there were thousands of illegal smoke shops plaguing our city with unlicensed cannabis endangering our children,” Adams said. “One year later, we are proud to announce that we have turned the tide. Thanks to the tireless efforts by our city’s law enforcement officers, we’ve padlocked thousands of illegal shops and created safer streets for children and families. But we’re not stopping there.”