May 12, 2014 By Christian Murray
Long Island City’s Clock Tower has officially sold.
The Long Island City icon was bought for $15 million by the Criterion Group, a residential development firm.
Rumors had been circulating that the property had being sold ever since the Holocenter arts group, which was located there, was asked to find space elsewhere.
However, at the time, there were no public records indicating that a sale had gone through and the owner, Andover Realty, did not comment at the time.
Criterion told Curbed, which broke the story, that the company currently does not have any plans for the building. However, given its history as a developer, the building is likely to make way for apartments.
The Criterion Group has developed several sites in Queens.
The Clock Tower is located by Queens Plaza North and was originally built for the Bank of Manhattan in 1927. It was the tallest building in Queens until the Citigroup Building opened in 1990.
The Clock Tower building has largely been empty for the past 25 years and has most recently been used by arts groups.
Since a 2001 rezoning, the area surrounding Queens Plaza has seen a huge residential development boom.