Last December, the development site behind Long Island City’s landmarked Clock Tower sold for $173.5 million to the Durst Organization. The beneficiaries of that sale were the previous owners of the site, Property Markets Group (PMG) and the Hakim Organization, who once intended for a massive skyscraper to rise at the site.
Now real estate developer Brad Zackson is suing PMG for not moving forward with a development plan on the site, alleging that he helped put the development parcels together, and would have eventually profited from its construction, The Real Deal reports.
Zackson reportedly introduced Hakim to the site in Long Island City, and Hakim in turn brought on PMG to purchase and develop the L-shaped parcel of properties around the Clock Tower into Queens’s tallest residential building.
Plans at one time called for a 77-story tower with 800 apartments, but by last summer, PMG and Hakim were looking to sell the one million square foot site. This, Zackson alleges, is because PMG did not do everything in its power to move the rental and condo project forward.