Monday, December 19, 2016
LIC Clock Tower owners sell parcel next door
From the NY Times:
Things are getting choppy in New York’s once-rocketing residential real estate market.
Last week, the developers of what was planned as the city’s tallest tower outside of Manhattan gave up and sold their site next to the historic clock tower building in Queens Plaza to the Durst Organization for $173.5 million.
The developers, Kevin Maloney and Kamran Hakim, spent nearly three years buying land in Long Island City for the $750 million skyscraper. But, Mr. Maloney said in an interview this week, “we didn’t have the horsepower to get it done.”
The Dursts said they would erect a rental tower that may be just as tall as Mr. Maloney had planned, 914 feet.
The sale was the latest evidence that things are getting more difficult for developers: The market for high-end condominiums and rental apartments has slowed, costs have gone up and construction loans have been harder to get as dozens of new buildings open in neighborhoods throughout the city.