This could be 400 ft or slightly above the 400' given the lot size and build-able square footage. Similar specs to 42-01 Road which is 480' and u/c. Expect another tower for this site. LIC is booming.
Also a bargain compared to the yields that a potential tower can generate.
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Property Markets Group and the Hakim Organization – the partners behind what’s planned to be Queens’ tallest skyscraper – have teamed up again to buy a dispatch garage from a member of the city’s “cabbie cartel” in Long Island City for $69 million. The development partners closed last week on the purchase of 42-50 24th Street in the Queens Plaza section of the neighborhood from yellow-cab fleet owner Ronald Sherman’s Midtown Operating Corp., sources tell The Real Deal.
The site, which sits just about a block away from the Queens Plaza property the partners are developing into a 44-story rental tower, holds roughly 270,000 buildable square feet, which makes the $69 million purchase price work out to approximately $254 per buildable square foot.
70-Story Mixed-Use Skyscraper Proposed for Long Island City
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A rendering and details posted to Dynamic Worldwide Group show a sleek 70-story tower composed of three interlocking components. A square masonry base grounds the building which then transitions to sweeping glass tower with front-and-center views of Midtown Manhattan. Another rendering uncovered last year by the blog Queensbeans shows the tower from the south, over the Court Square elevated station. Perkins Eastman Architects is listed as the architect and the page says the building will encompass a whopping one million square feet.
Mission Capital arranged the financing for the property purchase and Terra Capital Markets was the lender. Documents from Terra in regards to the acquisition financing explain the site is currently zoned for a 271,856 square foot, mixed-use tower but the purchase of air rights from an adjacent parcel owned by the Department of Transportation could increase the project's size to 373,272. Additionally, the Department of City Planning is currently evaluating the area for an upzoning, "potentially doubling the new building’s size."
“Office buildings are our factories – whether for tech, creative or traditional industries we must continue to grow our modern factories to create new jobs,” said United States Senator Chuck Schumer.
Another Contender For Queens’ Tallest Skyscraper Revealed At 42-50 24th Street, Long Island City
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Renderings are out for a 74-story tower at 42-50 24th Street, in downtown Long Island City, Queens. If built, the structure would be a major addition to the borough’s vertical profile, with a speculative minimum height of 750 feet, based on double-height retail at the base. If it ends up being any higher, the structure would become the tallest structure in Queens. Its current competitor is 23-15 44th Drive, a condominium tower expected to rise 752 feet, and is located three blocks to the south. The tallest proposed building for the borough was formerly 29-37 41st Avenue, though developer Durst downsized the project to just 710 feet.
Perkins Eastman is responsible for the design. The bulk of the exterior features curtain wall glass with narrow window frames, further emphasizing the verticality. The base of the building holds a lower profile, rising nine stories above street level, and creating room for outdoor terraces for the 10th floor.
Dynamic Hakim and Property Markets Group (PMG) purchased the site in 2015 for $69 million. Permits have not been filed yet for the tower, and the estimated start date for construction has not been announced. The lot is mostly vacant, occupied by parking and a few low-rise structures.
The building is expected to yield at least 1 million square feet, dedicated to mixed-use occupancy. Retail space is implied in the rendering, but no further details have been released.
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Fisher Bros. wants to bring a 240-unit mixed-use project to LIC
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Fisher Brothers is joining the Long Island City gold rush with plans to bring a 240-unit mixed-use project to the booming neighborhood.
The firm pre-filed plans with the Department of Buildings on Friday for a roughly 255,000-square-foot project at 42-50 24th Street in Queens. The project will be split between about 40,000 square feet of commercial space and 216,000 square feet of commercial space, and it will stand 35 stories and 447 feet tall. The project will include hotel space as well.
Property Markets Group and the Hakim Organization teamed up to buy the Long Island City site in 2015 for $69 million. YIMBY published renderings last year of a 74-story tower project planned for the site, but those plans appear to have since changed.
Fisher Brothers declined to comment on the project, and representatives for PMG and Hakim did not respond to requests for comment. Details regarding the three firms’ relationship on the project were not immediately clear.
Long Island City has become one of the hottest real estate markets in New York in recent years, attracting some of the city’s most prominent developers. Tishman Speyer landed $1 billion in financing for its huge Jackson Park project in the neighborhood in late September, and the Durst Organization landed $360 million for its Queens Plaza Park project in the neighborhood late last year.
United Construction & Development Group has acquired a development site in Long Island City, located at 42-50 24th Street, from Fisher Bros. for $57 million, New York Business Journal reported.
The site, previously subject to abandoned tower development attempts, now falls under United’s purview. Dynamic-Hakim and Property Markets Group had initially proposed a 74-story tower, later revisited by Fisher Bros. for a 35-story project. Fisher Bros. transferred control to United in 2017, obtaining demolition and new-building permits in 2020.
United, known for its Queens-based projects like Skyline Tower, aims to contribute to the neighborhood’s growth.
__________________ NEW YORK is Back!
“Office buildings are our factories – whether for tech, creative or traditional industries we must continue to grow our modern factories to create new jobs,” said United States Senator Chuck Schumer.
Developer Chris Xu is planning the second largest condo tower in Queens with the latest proposal for 24-50 24th St. The initial renders are... less than ideal. At 44 floors, this will be shorter than the tallest condo tower in the neighborhood, Skyline Tower. Hopefully this is just a slightly fancy massing diagram.
“Office buildings are our factories – whether for tech, creative or traditional industries we must continue to grow our modern factories to create new jobs,” said United States Senator Chuck Schumer.
My hope is that, as a condo building, they will use higher-quality materials for the façade. The massing is blah, but it could at least turn out alright if the materials are on the higher end. I'm sure the views of Manhattan alone should sell enough of units, but I can hope for something nicer than a blue box.
“Office buildings are our factories – whether for tech, creative or traditional industries we must continue to grow our modern factories to create new jobs,” said United States Senator Chuck Schumer.
I am a little confused by this. Lot 20 is currently being demo'ed and was announced as the site of a 40-story residential building at 456 feet tall. Lot 22 is listed at 735 feet here, but that's a tiny lot compared to lot 20. Seems like the numbering is off.
I am a little confused by this. Lot 20 is currently being demo'ed and was announced as the site of a 40-story residential building at 456 feet tall. Lot 22 is listed at 735 feet here, but that's a tiny lot compared to lot 20. Seems like the numbering is off.
The zoning won’t go into effect until the end of the year at the earliest, there are various distinct zoning areas within it. But even then, the numbers are estimates based on the zoning. Actual design will be up to the developers.
__________________ NEW YORK is Back!
“Office buildings are our factories – whether for tech, creative or traditional industries we must continue to grow our modern factories to create new jobs,” said United States Senator Chuck Schumer.
“Office buildings are our factories – whether for tech, creative or traditional industries we must continue to grow our modern factories to create new jobs,” said United States Senator Chuck Schumer.
NEW YORK | 42-50 24th Street | 589 FT | 44 FLOORS
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