NEW YORK | Sven (29-37 41st Ave) | 751 FT | 63 FLOORS

[NYguy]

https://www.crainsnewyork.com/articl...-ripe-for-more

Area near LIC's recently sold Clock Tower site may be ripe for more development
The Durst Organization's newly purchased 1,000-unit development site was enhanced with air rights from the MTA. And the transit authority says there's more where that came from


Joe Anuta By Joe Anuta

A novel trick that quadrupled the size of a Long Island City development site—which the Durst Organization purchased last week—could open the way for another sizable project on the block.

Durst announced plans Friday to build a 1,000-unit rental building at 29-37 41st Ave.—the site of the landmarked Queens Clock Tower—along with an adjacent park. The Manhattan developer purchased the parcel for around $175 million from a partnership between Property Markets Group and the Hakim Organization, two firms that were able to quadruple the development potential of the site with a clever acquisition in March 2015.

That year, the partnership purchased around 475,000 square feet of development rights from an adjacent parcel that was being used by the Metropolitan Transportation Authority to stage construction equipment. Because there are no height limits in the area, the developers were able to incorporate a tremendous amount of extra square footage into their proposed building without going through a time-consuming rezoning process.

But in documents approving the sale to Durst, the MTA noted that even after the transfer to the Clock Tower site, the agency still controls another 600,000 square feet of air rights that could also be developed on the block. "In due course, when [the authority] no longer needs it for staging, the MTA property will to some extent be available for redevelopment," the report said, noting that due to rail tunnels below ground, "only a fraction of the development rights associated with the MTA property would ever be usable."

[NYguy]

http://rew-online.com/2016/12/16/dur...artment-tower/

Durst buys Queens site from PMG for $167M, plans 1M s/f apartment tower

BY REW • DECEMBER 16, 2016

The Durst Organization today announced it has acquired the Queens Plaza Park development site at 29-37 41st Avenue in Long Island City, Queens.

The site was purchased from a joint venture between Property Markets Group and Kamran Hakim for $167 million. The original plan for the site included condominium residences, but Durst intends to build a one million square foot 1,000-unit residential rental tower under the proposed 421-a program if it passes.

The proposed 421a program requires that at least 25% of the units be affordable. In addition to the tower, the site will include a half-acre public park and a renovated entrance to the Queens Plaza subway station. The transaction also included the purchase of the landmarked 49,300 square foot Queens Clock Tower Building.

“This is an extraordinary site with spectacular views and outstanding mass transit connectivity,” said Jonathan (Jody) Durst, President of the Durst Organization.

More units than originally planned, but now as a rental.

Original plans:

http://propertymg.com/portfolio/queens-plaza-park/

800+ Units Estimated
Delivering 2019 Estimated

[NYguy]

http://www.crainsnewyork.com/article...TATE/170119876

Although Durst does not intend to build as high, its Queens Plaza North project is only slightly less ambitious. It seeks to capitalize on a sustained boom in the area, where low-slung warehouses are being replaced with office and apartment towers. The 102-year-old, family-run firm, whose holdings include 4 Times Square, 1 Bryant Park and a major stake in 1 World Trade Center, wants to build 1,000 rental apartments—not luxury condos as the previous owners planned—with a tower that could rise 750 feet into the air, enough to make it the city’s tallest building outside Manhattan.

For once, I wish these people would attempt to get the facts right.

[Hudson11]

Originally Posted by NYguy

http://www.crainsnewyork.com/article...TATE/170119876





For once, I wish these people would attempt to get the facts right.

I have no doubt the FAA is involved. ~750' is now the height cap for LIC. The three tallest towers in LIC will be 752', 750' and 725' high. Two of those were planned to be over 900' high. It's no coincidence.

[chris08876]

I think the developers will petition on an individual tower basis to the FAA (Happens all the time). They can go taller or in this case, 915 ft, but it takes some extra time to do so.

I hope the FAA doesn't hasle 9 Dekalb now that I think about it. Less delays, less paperwork and studies, and more steel IMO. I think we all want that.

[Hudson11]

DoB Filing: 63 floors, 710' (prob highest occupied space)

http://a810-bisweb.nyc.gov/bisweb/Jo...ssdocnumber=01

imo, all signs still point to this tower being limited by the FAA. Durst's plans were much grander originally than what was filed here. 763 units vs 1000 units.

[Zerton]

Originally Posted by chris08876

If we look at the boom in the last 10 years, its like adding a whole Chicago worth of skyscrapers.

Ha, that's hyperbole. It's a lot, but it's not a whole Chicago.

[chris08876]

Originally Posted by Hudson11

DoB Filing: 63 floors, 710' (prob highest occupied space)

http://a810-bisweb.nyc.gov/bisweb/Jo...ssdocnumber=01

imo, all signs still point to this tower being limited by the FAA. Durst's plans were much grander originally than what was filed here. 763 units vs 1000 units.

Thats a shame. FAA has to justify its existence with these inane acts.

[chris08876]

New Plans Filed for 63-Story, 763-Unit Mixed-Use Tower at 29-55 Northern Boulevard, Long Island City

The Durst Organization has filed applications for a 63-story, 763-unit mixed-use tower at 29-55 Northern Boulevard, which also goes by the address 29-37 41st Avenue, located in the Queens Plaza section of Long Island City. The new building would encompass 908,404 square feet and rise 710 feet above street level.

The residential units, which will be rentals, would spread across the fifth through 61st floors and should average 1,031 square feet apiece. It was reported late last year that 25 percent of the apartments, or 190 units, would rent at below-market rates through the housing lottery. Filings also include 8,702 square feet of retail space across the ground through cellar levels.

Handel Architects is the architect of record, The Real Deal reported. The tower is expected to rise adjacent to the 14-story, 49,300-square-foot commercial building at 27-29 Queens Plaza North, an individual landmark. It’s unclear what Durst plans for the landmark, although the previous owners envisioned a renovation.

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NYY

[Zapatan]

Eh, still tall for the area. There's so much going on in NYC right now it's not that much of a loss. It'll be a nice addition

[chris08876]

Originally Posted by Zapatan

Eh, still tall for the area. There's so much going on in NYC right now it's not that much of a loss. It'll be a nice addition

It's a nice addition to the midrise stock. 710 ft barely qualifies for a skyscraper these days.

For NY that is. #the good life

[chris08876]

The Durst Organization Files For Retail At 29-23 Queens Plaza North, Long Island City

The Durst Organization acquired the development site surrounding and including 27-29 Queens Plaza North last December for $173.5 million, and while SLCE Architects had previously conceived plans for a tower nearing supertall status, the design now appears to be changing. Handel Architects has filed for permits for a two-story retail building that will rise at 29-23 Queens Plaza North, on the southwestern corner of the site, which will have a total construction area of just over 20,000 square feet. There will be 10,333 square feet of commercial space within, and the structure will rise 41 feet to its rooftop.

The larger surrounding development will have 1,000 apartments in a single tower, with 250 of those units to be set aside as affordable housing. New plans for that part of the project have yet to be revealed, but given Handel is handling the retail component, they would seem to be the likely candidate for the main building as well. The official address of the tower will be 29-37 41st Avenue.

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NYY

[Zerton]

Looks like a contemporary Bank of America Dallas.

[Busy Bee]

lord give me the strength...

[NYguy]

https://therealdeal.com/2017/08/28/d...familiar-land/

Douglas Durst on how to build “a new neighborhood” in an unfamiliar land
In Q&A, mogul talks expansion into Queens, avoiding joint ventures, and why LIC’s lack of retail isn't a problem


By Eddie Small
August 28, 2017

How did your company take over Long Island City’s Clock Tower site from Hakim Organization and Property Markets Group?

We had worked with the broker of the deal [HFF’s Christopher Peck, who advised Hakim and PMG on the sale]. He actually worked for us many years ago and came to us with the deal, and after quite a bit of back and forth, we were able to strike a deal with the previous owner, and we are now trying to come up with our own design for the project. They approached us. We did not approach them. It was a good deal for both because both sides were happy with the outcome.

Why were they looking to sell the property?

I think they couldn’t get bank financing. I’m guessing—I’m not 100 percent sure—but I believe they could not get construction financing.

Were you interested in doing the project as a joint venture with Hakim and PMG?

We’ve tried in the past to work with other developers, and it’s not something we’re very good at. We just have our own way of doing things. We think we know better than most how it should get done.

A common critique of Long Island City is the neighborhood’s lack of retail. Do you see this as a major issue?

No. I think it has substantial retail for the amount of people. If you look elsewhere around the city, retail is not doing well in many of the new developments.

Are you just interested in Astoria and Long Island City, or are you looking to develop in other Queens neighborhoods as well?

We’re looking at all neighborhoods. The two projects are obviously quite substantial, with 3,500 units between them, so that’s going to keep us busy.

Do you see Queens as a viable luxury condo market? Would you consider doing a condo project there at some point?

I think it’s viable for condos. The original plans for the Clock Tower building were to have condos on the top, and when we looked at it, that didn’t make a lot of economic sense. In the end, we decided that we are the owners and that we build for the future, so we’re building all rental.

What’s been your experience building in Queens thus far?

It’s been a very good experience. There’s been a more mutual respect from the organizations we deal with. When we were developing Via [57 West in Manhattan] and we went to the community board, they gave us a long lecture: who did we think we were, and what right did we have to land a spaceship in their neighborhood. Hallets, we’re bringing a supermarket, and we’re improving the waterfront. We’re improving the playground, so they see this all as a tremendous benefit.

[Submariner]

"and we went to the community board, they gave us a long lecture: who did we think we were, and what right did we have to land a spaceship in their neighborhood."

What obnoxious, miserable people.

[NYguy]

Originally Posted by Submariner

"and we went to the community board, they gave us a long lecture: who did we think we were, and what right did we have to land a spaceship in their neighborhood."

What obnoxious, miserable people.

Lol, he should have answered "I've got every fu*king right! Now kneel before Zod!"

[chris08876]

Nimbys are acting out of line. Complaining about this, and 80 Flatbush. They should be ashamed.

Plus, I'm wondering... don't these people work? Who has time to protest in the morning when real people are at work.

Maybe if they worked harder, they could afford the rent and potentially live in the new towers. Bask in the glory of the boom.

[chris08876]

Credit: JC_Heights

[The Best Forumer]

Originally Posted by chris08876

New Plans Filed for 63-Story, 763-Unit Mixed-Use Tower at 29-55 Northern Boulevard, Long Island City




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NYY

This would be nice.