The Durst Organization has filed plans to develop a 63-story tower in a lot next door to the landmarked Clock Tower Building at Queens Plaza in Long Island City.
The new tower will feature 763 residential units and a public park, plans show. The Durst Organization acquired the parcel from Property Markets Group in December 2016 for $173.5 million., contingent on the renewal of the New York State 421-a tax program that offers tax breaks to developers in exchange for the creation of affordable housing.
State lawmakers approved a new version of the program in spring 2017. Under the program, developers will set aside at least 28 per cent of the Durst tower’s 763 apartments as affordable housing.
An item on the Real Deal website in December said developer Kevin Maloney, of Property Markets Group, indicated that an acquisition note on the clock tower project was coming due, so he felt it was time to sell the property.
The new, 63-story Super Tower will rise 710-feet from ground level and will feature 8,702-square-feet of retail space, according to the plans.
The Durst Organization is not planning any changes to the Clock Tower building, which was awarded landmark status by the city in 2015, a spokesperson for the Durst Organization said.