This could be 400 ft or slightly above the 400’ given the lot size and build-able square footage. Similar specs to 42-01 Road which is 480’ and u/c. Expect another tower for this site. LIC is booming.
Also a bargain compared to the yields that a potential tower can generate.
Property Markets Group and the Hakim Organization – the partners behind what’s planned to be Queens’ tallest skyscraper – have teamed up again to buy a dispatch garage from a member of the city’s “cabbie cartel” in Long Island City for $69 million. The development partners closed last week on the purchase of 42-50 24th Street in the Queens Plaza section of the neighborhood from yellow-cab fleet owner Ronald Sherman’s Midtown Operating Corp., sources tell The Real Deal.
The site, which sits just about a block away from the Queens Plaza property the partners are developing into a 44-story rental tower, holds roughly 270,000 buildable square feet, which makes the $69 million purchase price work out to approximately $254 per buildable square foot.