The Real Deal:
Plaxall isn’t completely handing over its large Long Island City project to Amazon.
The family-run plastics company, which last year developed a 15-acre plan that appears to have been the key to luring Amazon’s HQ2 to New York, will retain a site just to the south of the tech company’s planned campus where it can develop its own commercial building, according to a memorandum of understanding between the company and the state and city’s respective economic development arms.
Plaxall... will retain the southernmost block of the larger project: a group of properties that sit on the block between 46th Road and 46th Avenue. The six property lots, which cover nearly the entire block, would allow Plaxall to build a mixed-use building slightly larger than 800,000 square feet, or a residential building of nearly 566,000 square feet.
Under the residential plan, the new building would be subject to the city’s Mandatory Inclusionary Housing requirements, and under either scenario, Plaxall would set aside 5 percent of the space for light industrial use.