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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.

email the author: news@queenspost.com

23 Comments

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South

I would rather have a park that improves air quality and human-scale neighborhood aesthetic while mitigating and absorbing stormwater that would otherwise be overloading our antiquated CSO system, jettisoning raw sewage into our waterways during rain greater than a drizzle. Size-wise: the elevated acre in Manhattan is exemplifies a spectacular small park, with ample seating and a great design – I’d gladly take half of that park over a bunch of parking spots for commuters. Car culture is not the only culture, Anon.

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South

It will just be another enormous tower among enormous towers – I don’t fully understand the outrage here. Regarding the affordable housing note in the first comment: It’s not a ruse to distract from the building itself, it’s simply a socially-beneficial loophole for them to avoid taxes. Unfortunately the list/lottery to get one of those apartments is very long.

Renovations of the Queens Plaza subway station are necessary because it’s a desiccated little hovel that looks sad and smells even sadder. Poorly demarcated bike lanes, pedestrian passages, and 6+ lanes of intersecting traffic add to the mess above the station.

Adding a half-acre park would be a nice addition, as it’s adjacent to one of the few parks in that region.

I’m all for keeping Sunnyside less developed, and continuing to allow zoning to protect us from some of the pressures of gentrification, but if the commenters here are worried about sky-rise buildings gentrifying L.I.C, you’re about a decade behind the times.

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Anonymous

I wish that you would hear some concern from our elected officials about the already overburdened infrastructure in our are. Queens Plaza is already a mess. It takes an hour to drive through during the week. The 7 train is packed. This building is not going to help. This building is a poorly planned eyesore.

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SuperWittySmitty

I’ve been riding the 7 in and out of Manhattan since the early 90s. I remember when it was dirtier and less safe than it is now but it’s always been crowded. My actual commute time hasn’t changed dramatically and I get back and forth to Sunnyside pretty efficiently. I don’t think there is a better method of commuting.

Queens Plaza is a natural bottleneck and a big part of the problem are the few who insist on driving into Manhattan during rush hour, frequently as a single occupant of their vehicle. If private cars with only one passenger were banned from the bridge except in off-peak times, that would be an improvement.

It IS an area that has been ripe for development for many years. Ideally, the building of housing and improvements to existing infrastructure would occur simultaneously but I’m not sure this is a realistic concept. The growing population and the need for housing has been an issue for quite some time and will be addressed much quicker than our mass transit woes; that’s inevitable.

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Up up and away

How do get on the list for a 2 bedroom in this beautiful new building. I cant wait. A perfect spot to live. Get rid of the useless outdated clock

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Kieran the Irish leprechaun lucky charms

Me- i appreciate that advice. You must do this quite often. Thanks for your help
Anon-what county are you from.fecks sake

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Bell Ringer

It’s about time! (no pun intended) Build the area up, and keep moving eastbound. Let’s finally get rid of these undesirables that your liberal mayor, city council, let in our neighborhood and ruin it.

If you can’t afford the rent, move somewhere where you can!

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i have no idea what i want to name myself today

whats that little itty bitty thing down at the foot of the building? is that the actual old clock tower? this is like when the big ugly mean kids come and take over the playground.

the clock tower looks like hes being bullied!

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Henry

What does JVB have to do with a private sale between two mega corps? Oh and did anyone see the documentary about the murderer Robert Durst, brother of the CEO of the Durst organization?

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Anonymous

I suppose they should have left the neighborhood the way it was with drug addicts and prostitution. Good keep building, its good for queens

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Anonymous

Do you see everything in black and white? Your knee-jerk response is so irritating because it shuts down conversation by immediately going to an extreme. There is a world between what was there and what this money-brained family proposes. So much of it would be good for Queens.This is good for developers not for the people of Queens.

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Barbara

Anonymous – Nobody said anything remotely close to what you posted you imbecile. Is that why you post anonymously?

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Me

You must be new here. These people will keep complaining about every single development, they most likely don’t even work or drive a car.. What’s it to them? I don’t get it. People like to complain for the sake of complaining, so get used to those comments and don’t let them get to you. Although, on the other, those could be patrons of those prostitutes, just upset now they have to deeper into Astoria or Greenpoint to pick up their hoes instead of edge of Queensboro -ahem Ed Koch- Bridge.

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Anonymous

Barbara and Me. The distance between people who know what they are talking about and you two is further than the distance between the most distant points in the entire Universe.

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Me

Hey, isn’t Barbara upset at you for posting under “Ananymous” anyway? Don’t get her mad, she’ll hit you on the head with her cane.

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SuperWittySmitty

I’ve worked in this neighborhood and it’s nice to see how much better it is in now than it was 10-20 years ago. Back in the 60s, my Dad had a Carvel Store and a pharmacy on the north side, by Crescent. It’s always been a working class neighborhood and there are stills parts of the neighborhood that feel abandoned and forgotten.

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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

For feck’s sake! These cheeseball inbred families should all go away. We know from Trump they are all swamp monsters paying writers to spin lies for them.

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Anonymous

No one believes you are in this to help people who need affordable housing. Stop embarrassing yourselves by telling the same whopper over and over and over. You real estate developers are lower than the mud-dwelling parasites that used to inhabit the site you plan to build your monument to your own egos on.

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