From the Real Deal:
Developer Edward J. Minskoff Equities abandoned plans to build a 635-room dormitory in a rapidly-changing section of Long Island City in order to concentrate on larger projects in Manhattan, the company's president said.
Edward Minskoff, president of the commercial firm, had sought to build the 19-story tower on the property at 30-30 Northern Boulevard in Queens Plaza.
He sold it to Long Island City-based Alma Realty, which paid $21.5 million for the 238,000-square-foot building and the 103,000-square-foot parcel under it on Jan. 27, city property records published last Friday show. The sale went into contract in September 2010.
The Queens Plaza neighborhood is undergoing a transformation thanks to the city's rehabilitation of the streets underneath the elevated N and 7 trains, as well as the completion of Tishman Speyer's $316 million Gotham Center Tower office building. Yet brokers said the site still presents challenges because it faces the elevated subway tracks.
Minskoff's dormitory was slated to house 1,640 students on the parcel wedged between the elevated N train and Sunnyside Yards. He bought the site in 2006 for $15.75 million, city records show.