HomeDiagramsDatabaseMapsForumSkyscraper Posters
     

Go Back   SkyscraperPage Forum > Global Projects & Construction > Highrise & Supertall Proposals

Reply

 
Thread Tools Display Modes
     
     
  #1  
Old Posted Nov 16, 2014, 1:28 PM
chris08876's Avatar
chris08876 chris08876 is offline
C21H30O2
 
Join Date: Jul 2013
Location: New Jersey - Somerset County
Posts: 17,001
Smile NEW YORK | Queens Plaza Park (29-37 41st Ave) | 915 FT | 70 FLOORS

In at $8M, out at $46M — just three years later




Quote:
A Queens-based developer who bought a prime Long Island City site for $8 million three years ago flipped the property for nearly six times that amount.

Developer Steve Cheung closed yesterday on the $46.3 million sale of the site at 29-37 41st Avenue in the Queens Plaza section of Long Island City.

The buyer is an unidentified institutional investor. The site has a buildable square footage of roughly 205,000 square feet and comes with approvals for a 30-story residential tower with 242 units.

Cheung was represented by Joseph Stern of Jay Street Advisors, who said rising land prices in Long Island City made the decision to sell a no-brainer.

[...]
==============================
http://therealdeal.com/blog/2014/11/....A2AJU17L.dpuf

Last edited by chris08876; Nov 16, 2014 at 1:40 PM.
Reply With Quote
     
     
  #2  
Old Posted Nov 16, 2014, 1:41 PM
chris08876's Avatar
chris08876 chris08876 is offline
C21H30O2
 
Join Date: Jul 2013
Location: New Jersey - Somerset County
Posts: 17,001
Reply With Quote
     
     
  #3  
Old Posted Mar 11, 2015, 3:47 PM
sparkling's Avatar
sparkling sparkling is offline
Registered User
 
Join Date: Sep 2013
Posts: 766
PMG files plans for 70-story Long Island City tower
Mixed-use building will hold more than 900 units

March 11, 2015 11:30AM
By Rich Bockmann

Quote:
Kevin Maloney’s Property Markets Group is planning to build a 70-story mixed-use tower at the edge of Queensboro Plaza in Long Island City, according to an application filed with the city Department of Buildings today.

The 772-foot-tall building at 29-37 41st Avenue will span nearly 830,000 square feet and hold 930 apartments. There will also be nearly 15,000 square feet of commercial space.

The application shows six different retail units on the ground floor, as well as amenities including a pool and health club. The architect of record is SLCE Architects. PMG could not be immediately reached for comment.

The company purchased the development site for $46.3 million last year from Queens-based developer Steven Cheung, who had paid just $8 million three years earlier. Maloney’s company also recently purchased the Long Island City clock tower building across the street, a point of contention with preservationists in the area who want to see the building landmarked.

The development site is just steps away from the Queensboro Plaza subway station, an area of Long Island City that is bustling with thousands of residential units in the pipeline. - See more at: http://therealdeal.com/blog/2015/03/....1GiDrx2R.dpuf
Reply With Quote
     
     
  #4  
Old Posted Mar 11, 2015, 3:53 PM
Crawford Crawford is offline
Registered User
 
Join Date: Nov 2003
Location: Brooklyn, NYC/Polanco, DF
Posts: 12,790
Mods, can you change title to 70 floors and 772 ft.?

That's now at least three Queens towers planned above 700 ft. LIC is developing a real skyline, and from afar is basically merging with the Midtown East skyline. For this tower, it would be nice to get a crown and see this pushed above 800 ft.

Also, this tower won't just be tall, it will be huge. 1.1 million square feet of space per the building permits. At nearly 800 ft. tall, and over a million square feet of floor area, you are talking a tower that will be noticed.
Reply With Quote
     
     
  #5  
Old Posted Mar 11, 2015, 3:56 PM
Busy Bee's Avatar
Busy Bee Busy Bee is offline
Exhale solutions.
 
Join Date: Feb 2006
Location: Spaceship Earth
Posts: 4,128
70 story LIC tower - Yeah!

Designed by SLCE - Ugh!
__________________
You slip me the cash and I'll slip you the wiener.
Reply With Quote
     
     
  #6  
Old Posted Mar 11, 2015, 4:00 PM
chris08876's Avatar
chris08876 chris08876 is offline
C21H30O2
 
Join Date: Jul 2013
Location: New Jersey - Somerset County
Posts: 17,001
Wow this a nice suprise. From 30 floors to 70. Funny thing is I predicted something like this yesterday when we had a height reduction on 75 Nassau Street.


NEW YORK | 29-37 41st Street | 772 FT | 70 FLOORS
Reply With Quote
     
     
  #7  
Old Posted Mar 11, 2015, 4:02 PM
sparkling's Avatar
sparkling sparkling is offline
Registered User
 
Join Date: Sep 2013
Posts: 766
It seems it's 41st Avenue, not 41st Street
Reply With Quote
     
     
  #8  
Old Posted Mar 11, 2015, 4:54 PM
hunser's Avatar
hunser hunser is offline
don't *meddle*...
 
Join Date: Feb 2009
Location: New York City / Wien
Posts: 3,997
It's all happening so fast. Now even LIC is getting its first ~800 footer, incredible.
Reply With Quote
     
     
  #9  
Old Posted Mar 11, 2015, 5:04 PM
sparkling's Avatar
sparkling sparkling is offline
Registered User
 
Join Date: Sep 2013
Posts: 766
Reply With Quote
     
     
  #10  
Old Posted Mar 11, 2015, 5:22 PM
tdawg's Avatar
tdawg tdawg is offline
Registered User
 
Join Date: Jan 2007
Location: NY,NY
Posts: 2,023
I was standing on the Ditmars bound platform at 36 Ave yesterday afternoon heading home from Kauffman studios and l noticed the nice cluster of skyscrapers forming around "downtown" LIC / Queens Plaza.
__________________
Creative Director in New York City
Reply With Quote
     
     
  #11  
Old Posted Mar 11, 2015, 5:46 PM
NYguy's Avatar
NYguy NYguy is offline
New Yorker for life
 
Join Date: Jul 2001
Location: Borough of Jersey
Posts: 33,330
Quote:
Originally Posted by hunser View Post
It's all happening so fast. Now even LIC is getting its first ~800 footer, incredible.
Yes, the largest skyline transformation in the city's history continues. Both LIC and Brooklyn alone will have skylines that will rank among some of the largest in the country.
__________________
NEW YORK. World's capital.

“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.
Reply With Quote
     
     
  #12  
Old Posted Mar 12, 2015, 1:09 AM
NYguy's Avatar
NYguy NYguy is offline
New Yorker for life
 
Join Date: Jul 2001
Location: Borough of Jersey
Posts: 33,330
Permit and location for potential new tallest of Queens (height may be higher than shown)...


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

Quote:
03/11/2015

NEW 70 STORY BUILDING

Building Height (ft.): 772
Building Stories: 70
Dwelling Units: 930






















__________________
NEW YORK. World's capital.

“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.
Reply With Quote
     
     
  #13  
Old Posted Mar 13, 2015, 1:24 PM
chris08876's Avatar
chris08876 chris08876 is offline
C21H30O2
 
Join Date: Jul 2013
Location: New Jersey - Somerset County
Posts: 17,001
Proposed LIC tower 4 times bigger than it should be

Quote:
A Manhattan developer plans to erect a 70-story apartment tower in Long Island City, Queens, that is four times bigger than what the site was zoned for, according to public documents reviewed by Crain’s.

Property Markets Group has proposed to build a 930-unit residential building along 41st Avenue, near the corner of Bridge Plaza North, that will clock in at 830,000 square feet, The Real Deal reported Wednesday.

But according to city records, the site at 29-37 41st Ave. was zoned for something closer to a 200,000-square-foot building.
Property Markets Group declined to comment.

There are several ways to legally bump the square footage on a given site beyond the initial zoning limits, though it was unclear exactly which one the firm used to beef up the size of the proposed tower to such a scale.
Property Markets Group already owns an adjacent site, which is home to the Clock Tower building. But even if that property were combined with the site of the proposed tower, there would still not be enough square footage to build 70 stories tall.

To do so, Property Markets Group could have acquired unused development rights from an adjacent site controlled by the Metropolitan Transportation Authority.

That parcel of land borders Property Markets Group's parcel to the northeast, and is being used in conjunction with the MTA's East Side Access project. The plot likely holds more than 1 million square feet of unused development rights, according to a Crain’s estimate, and could be the source of the project's extra height.

The MTA declined to comment.

Developers buy unused rights from neighbors all over the city to increase the size of projects. For example, Extell Development spent years buying additional air rights on a midtown block to construct One57, which was much larger than what the property's original zoning would have allowed. In fact, the de Blasio administration is mulling a way to let landmarked building owners sell their air rights beyond what is currently permitted.
=================================
http://www.crainsnewyork.com/article...n-it-should-be
Reply With Quote
     
     
  #14  
Old Posted Mar 13, 2015, 1:26 PM
Zapatan's Avatar
Zapatan Zapatan is offline
El Barto
 
Join Date: Aug 2009
Location: Las Americas y Europa
Posts: 2,996
So it's not really a problem is it then?
Reply With Quote
     
     
  #15  
Old Posted Mar 13, 2015, 1:33 PM
NYguy's Avatar
NYguy NYguy is offline
New Yorker for life
 
Join Date: Jul 2001
Location: Borough of Jersey
Posts: 33,330
Quote:
Originally Posted by Zapatan View Post
So it's not really a problem is it then?
It's not a problem because the city is already looking to increase development in LIC through another rezoning.


Quote:
To do so, Property Markets Group could have acquired unused development rights from an adjacent site controlled by the Metropolitan Transportation
Authority.

That parcel of land borders Property Markets Group's parcel to the northeast, and is being used in conjunction with the MTA's East Side Access project.
The plot likely holds more than 1 million square feet of unused development rights, according to a Crain’s estimate, and could be the source of the project's
extra height.

Note that when they say "height", they actually mean size, an important distinction. You can see the sites below...





But in any case, the developers could always seek an increase through the city's approval process like every other developer that needs it.

And lets not forget, with all of this development knocking on the door to Sunnyside Yards, there's still the planning of what will be built there.
__________________
NEW YORK. World's capital.

“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.
Reply With Quote
     
     
  #16  
Old Posted Mar 13, 2015, 9:13 PM
Surrealplaces's Avatar
Surrealplaces Surrealplaces is offline
Editor
 
Join Date: Feb 2006
Location: Cowtropolis
Posts: 20,240
I would love to see Queens pick up a few more tall ones. Five separate skylines (Midtown, downtown, Jersey City, Brooklyn and Queens) would be pretty cool.

Quote:
Originally Posted by NYguy View Post
Permit and location for potential new tallest of Queens (height may be higher than shown)...


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


Reply With Quote
     
     
  #17  
Old Posted Mar 13, 2015, 9:18 PM
NYguy's Avatar
NYguy NYguy is offline
New Yorker for life
 
Join Date: Jul 2001
Location: Borough of Jersey
Posts: 33,330
This would be the first building over 700 ft in Queens, or even the other boroughs if it tops out before the planned Brooklyn towers. But with everything going on in LIC, it wouldn't surprise me to see more.
__________________
NEW YORK. World's capital.

“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.
Reply With Quote
     
     
  #18  
Old Posted Mar 13, 2015, 9:22 PM
Surrealplaces's Avatar
Surrealplaces Surrealplaces is offline
Editor
 
Join Date: Feb 2006
Location: Cowtropolis
Posts: 20,240
Quote:
Originally Posted by NYguy View Post
This would be the first building over 700 ft in Queens, or even the other boroughs if it tops out before the planned Brooklyn towers. But with everything going on in LIC, it wouldn't surprise me to see more.
LIC is the perfect spot for a nice little skyline. Nice close access to Midtown.
Reply With Quote
     
     
  #19  
Old Posted Mar 14, 2015, 4:38 PM
mrnyc mrnyc is offline
Registered User
 
Join Date: Jul 2006
Posts: 3,710
this is a good placement spot for something borough record tall & large like that.
Reply With Quote
     
     
  #20  
Old Posted Mar 20, 2015, 8:25 PM
sparkling's Avatar
sparkling sparkling is offline
Registered User
 
Join Date: Sep 2013
Posts: 766
A little bit more details

Developers seek $56M worth of MTA air rights and land

JOE ANUTA
MARCH 20, 2015

Quote:
A joint venture between Property Markets Group and the Hakim Organization wants to buy nearly $56 million worth of unused development rights and land from the Metropolitan Transportation Authority, which could allow them to build Queens' tallest building, according to sources. The plan also calls for the team to ild and maintain a public park and expand subway access at the Queens Plaza station in Long Island City.

The MTA board is set to vote next week on whether to approve the sale of about 480,000 square feet of air rights from a construction site for the authority's East Side Access project.

Last week, Crain's reported that the developers' proposed 70-story, 830,000-square-foot tower containing 930 apartments on a vacant parcel near the corner of 41st Avenue and Bridge Plaza North was four times larger than what the zoning called for.

While Property Markets Group already owns an adjacent site, home to the Clock Tower building, it was clear that the proposed project would only be possible through the purchase of air rights, which are used throughout the city to increase the height of buildings beyond the original zoning and help owners of existing buildings that are not constructed to their maximum density turn a profit by selling the additional unused development rights.
Property Markets and the Hakim Organization, a large property owner in the city, declined to comment, but sources told Crain's that the duo will be submitting new design plans for the apartment building. The MTA couldn’t be reached immediately for comment.

Just to the north of the proposed development site and the Clock Tower building—which were originally zoned for a total of about 350,000 square feet but do not have height limits—is a large, irregular parcel owned by the MTA. It currently contains a gaping hole where crews have been helping construct a rail tunnel that will run under the East River to Grand Central Terminal, but the construction site will eventually be filled in and graded over.
The development team has agreed to buy a piece of that land, where it will maintain a public park. It will also be using a strip of the MTA property as a driveway to the proposed apartment building.

Property Markets Group and Hakim also plan on expanding or creating a new entrance to the E, M and R trains at the Queens Plaza station.
Reply With Quote
     
     
This discussion thread continues

Use the page links to the lower-right to go to the next page for additional posts
 
 
Reply

Go Back   SkyscraperPage Forum > Global Projects & Construction > Highrise & Supertall Proposals
Forum Jump


Thread Tools
Display Modes

Forum Jump


All times are GMT. The time now is 6:49 AM.

     

Powered by vBulletin® Version 3.8.7
Copyright ©2000 - 2017, vBulletin Solutions, Inc.