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.
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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.
According to the marketing package, 42-50 24th Street is a 33,982 square foot lot with a total of 271,856 buildable square feet. The project also is eligible for brownfield credits. The site is within the Core Neighborhood Planning study. This is an area where the city is currently considering another rezoning for higher mixed-use development.
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a mixed-use proposal by Dynamic-Hakim and Property Markets Group (PMG) for 42-50 24th Street.
Mission Capital arranged the financing for the property purchase and Terra Capital Markets was the lender. Documents from Terra in regards to the acquisition financing explain the site is currently zoned for a 271,856 square foot, mixed-use tower but the purchase of air rights from an adjacent parcel owned by the Department of Transportation could increase the project’s size to 373,272. Additionally, the Department of City Planning is currently evaluating the area for an upzoning, “potentially doubling the new building’s size.”
QPT - QUEENS PLAZA “TAXI”
Dynamic / Hakim acquired QPT site in 2015 for $69M Perkins Eastman designed 1 million square foot Mixed-Use Luxury Tower Under Developement
Fisher Brothers is joining the Long Island City gold rush with plans to bring a 240-unit mixed-use project to the booming neighborhood.
The firm pre-filed plans with the Department of Buildings on Friday for a roughly 255,000-square-foot project at 42-50 24th Street in Queens. The project will be split between about 40,000 square feet of commercial space and 216,000 square feet of commercial space, and it will stand 35 stories and 447 feet tall. The project will include hotel space as well.
Property Markets Group and the Hakim Organization teamed up to buy the Long Island City site in 2015 for $69 million. YIMBY published renderings last year of a 74-story tower project planned for the site, but those plans appear to have since changed.
Fisher Brothers declined to comment on the project, and representatives for PMG and Hakim did not respond to requests for comment. Details regarding the three firms’ relationship on the project were not immediately clear.
Long Island City has become one of the hottest real estate markets in New York in recent years, attracting some of the city’s most prominent developers. Tishman Speyer landed $1 billion in financing for its huge Jackson Park project in the neighborhood in late September, and the Durst Organization landed $360 million for its Queens Plaza Park project in the neighborhood late last year.
Will we ever get this beauty built? This lot has been vacant for literal ages. No updates yet.
Latest update 2019: Fisher Brothers plans Long Island City mixed-use project… they decided to downsize it to 35 stories. Lame. However, no other updates since then. Hopefully it’s reverted to a skyscraper again instead of low-rise infill gibberish.
