David Marx plans towers at Queens site he bought from his own company
Weeks after announcing the sale of a 2.4-acre eastern Queens development site to… himself, MDG Real Estate’s David Marx has filed plans for what would be the borough’s tallest building outside of Long Island City.
Plans prefiled with the Department of Buildings on Tuesday call for a 400-foot-tall structure consisting of “two residential towers, 37 stories each” with four floors of underground parking. The 717,000-square-foot complex with an address of 71-12 Park Avenue will include 488 apartments.
Marx did not respond to a request for comment.
MDG’s Israeli bondholders voted in May to approve an “exceptional” transaction in which the firm’s British Virgin Islands-registered bond-issuing holding company would sell two parcels of vacant land to Marx himself.
Series B bondholders approved the deal with 79.51 percent of votes cast in favor, while Series C bondholders approved it with 96.12 percent of the vote, according to Tel Aviv Stock Exchange filings.
On Aug. 4, MDG announced that the sale had been completed, but New York City property records do not yet show any transfer of real property.
The new plans represent a stark contrast to MDG’s disclosures from earlier this year, according to which the “owner and the board of directors have no desire to develop said real estate at this time” due to a lack of “the economic capacity to develop real estate of this order of magnitude.”
