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.
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.