NEW YORK CITY—The Metropolitan Transportation Authority closed Thursday on the $56 million sale of development rights and fee parcels in Long Island City, Queens to a joint venture between Property Markets Group and the Hakim Organization.
The transaction involved approximately 480,000 square feet of air rights from a construction site for the MTA's East Side Access project. The law firm Bryan Cave represented the MTA. New York partners Sonia Bain, Judith Gallent and Kevin Healy represented the seller with assistance from associate Jonathan Danziger and senior planning and development specialist Jed Weiss. The buyer was represented by Greenberg Traurig and Reed Smith.
Property Markets and Hakim plan to construct a 77-story residential building with retail space. The plan also calls for the buyers to create and maintain a public open space and expand subway access at the Queens Plaza station in Long Island City.
The building will feature 858 residential units while the entire development is slated to include approximately 19,000 square feet of retail space that would be contained in the landmark Clock Tower building and two smaller buildings: a 38-foot tall retail structure that would be built on an accessory parking area and a 48-foot tall retail structure, which also would include a three-level parking garage with 186 spaces.
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
