The Real Deal:
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’s 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 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 next door, a point of contention with preservationists in the area who want to see the building landmarked.
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.
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.