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.


Anonymous said...

" dozens of new buildings open in neighborhoods throughout the city."

Real meaning: More housing for the homeless at a ridiculous cost to the taxpayer.

Anonymous said...

The Federal Reserve needs o print up another 20 Trillion. There is no choice. This is how prosperity is facilitated.

Anonymous said...

The market has slowed?

How about they crack down on all of the people living rent controlled who couldn't pass any means testing? They could kick them out and let some of the really needs who have employment (not the homeless) move in on a trial basis for a year. They would have to make it easier to remove them during this probationary period.

Maybe that would stimulate the high end market.

Anonymous said...

Stop dreaming you "preservationist" enthusiasts.
This is zoned for maximum density. What do you expect a developer is going to build here...a post war little Cape Cod house?
Even those in Floral Park are being expanded to the max.
This is not Connecticut. Yank yourselves out and live with the Yankees in far off Massachussets if you desire a quiet life.
Yawn. How boring. Better to be on the midst of stimulation in the heart of the Big Apple than to go brain dead in the boonies.

Anonymous said...

>Crack down on rent-control to stimulate the high end market

Wat? That's not how it works.

Besides, the high-end isn't the part of the market that needs stimulation.