NEW YORK | 42-50 24th Street | FT | 70 FLOORS


#1

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.

Credit: TRD


#2

Kevin Maloney’s PMG and Hakim Organization Selling Another Development Site Development Site in Queens Plaza – 42-50 24th Street, LIC

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.

[…]
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."


https://dynamicstarllc.com/1_21_portfolio.html?_ct=19r7pl55mrld

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