via Dynamic Star
July 23, 2018 By Nathaly Pesantez
Yet another tower could be heading to Long Island City, with reports of a 70-story skyscraper in the works for the Queens Plaza neighborhood.
The massive development has been pegged at 42-50 24th St., according to City Realty, just one block away from the Queensboro Plaza station, meaning the tower would join several 60 to 70 story towers under development in the area.
While there have been no building permits filed for the site yet, records dating back from 2015 show that the property, a taxi dispatch garage spanning 34,000 square feet, was purchased for $69 million by Property Markets Group and Dynamic-Hakim.
Renderings posted by one of the developers show plans for a one-million square foot project, with both commercial and residential components. The site, still under development, will be a “luxury tower”, according to developers.
The property is within an M1-5/R9 zoning district, which allows for high-density, tall towers.
42-50 24th St., via Google Maps
In addition, the project could involve a deal between the developer and the city for its air rights, according to Terra Capital Markets, the development’s lender. The lender boasted in 2015 about a potential upzoning to the area as part of the LIC Core Neighborhood Study, which could mean a more-dense development.
It is unclear, however, if the rendering shows an as-of right concept for the site.
Dynamic Star, one of the real estate partners behind the project and whose website hosts the site’s rendering, did not immediately respond to questions on the project’s scope and timeline.
Dynamic/Hakim is also behind several massive projects in the Queens Plaza area, including the Clock Tower development which was sold to the Durst Organization, Queens Plaza Park, and Queens Plaza South.
News of yet another super tall structure in Long Island City comes as the Wall Street Journal reported that a developer had secured a half billion dollar loan to build a 67-story building at 23-14 44th Dr. The tower, the largest planned in Queens to date, prompted Assemblymember Catherine Nolan to demand a “moratorium” on all new developments in Long Island City.
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27 Comments
3 words:
F*CK THE DEVELOPERS!
That’s not very nice, I love luxury condo developers. Why else would I have voted for one for president?
It seems to me anyone who comments negatively about massive development that we DON’T NEED gets 20 or more dislikes, with very few likes. Someone recently said the developers who run ads on the LIC POST site troll it for negative comments against development. The deelopers don’t care HOW PACKED IN ON A SUBWAY TRAIN OR BUS YOU ARE ! Developers don’t care if you CAN’T AFFORD TO LIVE IN THEIR MASSIVE TOWERS. As long as Clueless people some from out of town, bewildered by seeing a few Tall buildings they never saw in IOWA or NEBRASKA etc…put down their money for these overpriced Condos/Rentals , that is all the developers care about. Come on developers keep those dislikes coming. Let people pay for what is not worth it and won’t be able to even get on a train or bus soon, unless you let 3 or 4 go by.
Agreed, greedy developers like the president you helped elect, only care about themselves. You must have been REALLY gullible to vote for one.
Surely now that a condo developer is president they will start cracking down on condo developers anytime soon lol.
Tired,just tired MRIRONY!
Not only Infrastructure overburdened but NYC homeless crisis busting at the seams thanks to DiBlasio mentally ill, angry, hopelessness, prople living in the subways, I was just attacked this morning on the way to by an angry black homeless guy who lunged at me and kicked me in the right leg when I confronted him immediately took a fighting stance reaching for his waistline for something a young lady told me to let it go and continue up the staircase.
I’m taking fighting lessuns to protect myself from librals or immigrants because Trump told me they were scary you should do the same
The FAKE MRLIC wrote the July 26, 2018 comment on taking fighting “lessuns”. I hope he/she spelled this world incorrectly on purpose.
So i guess anyone can be MRLIC
People can also walk and bike across the bridge.
This buildings won’t solve housing problem in the city
Apparently there is an endless amount of people from out of town that can move here and afford to pay $3500 for a one-bedroom 400 sq. foot shitbox. These towers do nothing to help the local population.
thank you from us locals who are on a fixed income
Cool, so I suppose the massive investment in transportation infrastructure to support all these new residents is going to be announced any day now, right?
I like it! Keep’em coming!
You must be crazy to want more of this crazy development without planning. Cathy Nolan is right for a moratorium on ALL building.
as marlon said.. the horror the horror
Great news, I wouldn’t have voted for a greedy luxury condo developer for president if I had something against greedy developers building luxury condos.
The FAKE MRLIC wrote the July 24, 2018 comment on Greedy Luxury condo developers. His/Her usual saying.
inb4 screeching.
More housing = good
Every unit here that someone rents is less pressure on units further into Queens.
That’s assuming there is no growth in the overall Queens population, which has not the case
So you’ll have prices stabilize or decrease.
Not building as population grows would lead to disaster. Just look at the explosion in prices south of 23 St in Manhattan, they are restricting development there and it’s probably the most in-demand area of the city.
Greatly increasing the housing supply is the only way to lower the rent for middle class housing. This combined with a strong means tested affordable housing programs and public housing programs can provide better housing options for lower income individuals as well.
JD3k-LIC is already overcrowded as you point out with population rising. There is no Politician who thinks ahead to the consequences of what is happening here in LIC. Local LIC residents don’t want another overcrowded Manhattan. Cathy Nolan has it right and people should get behind her idea.
Apparently there is an endless amount of people from out of town that can move here and afford to pay $3500 for a one-bedroom 400 sq. foot shitbox. These towers do nothing to help the local population.
LIC really is not overcrowded at all. The subways are. There are only about 70,000 residents. Probably the largest skyline in the world for the population. Once they start building more commercial, LIC will be a real city that won’t need Manhattan like it does today. Hopefully the ferries will become more of an option as they get more popular.
brooklynmc: You must be delusional. Ferries cannot ever hold what trains can. Buses hold more if they come on time. Rents are too high for any small businesses to prosper here. Some chain stores may come but that is about it. 70, 000 residents maybe, what about getting on a train or bus that passes through other neighborhoods before they hit our stations? Many peoples views of Manhattan have been blocked with all the new development. Wake up!
Infrastructure over burdened already. L train shutdown coming. Where on earth can you add more people to the trains, buses and roads? You must be crazy. Wake up!!!!!!!!!!!!!