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Massive Clock Tower development site bought by Durst Organization for $167 million

PMG’s former plans

Dec. 16, 2016 By Hannah Wulkan

The Clock Tower development site in Long Island City is in the hands of a new owner.

The Durst Organization announced today that it has purchased the huge development site at 29-37 41st Avenue from former developers Property Markets Group and Kamran Hakim for $167 million.

Durst announced that it plans to build a one million square foot, 1,000-unit rental building under the 421-a program, which requires at least 25 percent of the units to be affordable in exchange for up to a 35-year exemption from property taxes on the site.

The plans for the site also include a half-acre public park and a renovated Queens Plaza subway entrance.

“This is an extraordinary site with spectacular views and outstanding mass transit connectivity,” said Jonathan Durst, President of the Durst Organization.

“The project provides us with the opportunity to build much needed market-rate and affordable housing and to make the long-term investments in New York City that have been the bedrock of The Durst Organization’s success for more than 100 years. We look forward to joining, and working with, our new neighbors in Long Island City.

Hakim and PMG paid about $133 million for the site, including acquiring air rights and the landmarked clock tower, all of which was included in the sale to Durst.

The developers had planned to build an 800-unit condo and rental building on the site, but instead put the site on the market with HFF over the summer, according to The Real Deal.

Durst is also developing the massive Hallets Point project in Astoria.

Representatives from PMG and HFF were not immediately available for comment.

The Real Deal was first to report this story.

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JenL

I hope they don’t build that awful looking thing. It’s such a prominent location, but who wants to live in the bend of the tracks there?

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