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MTA Sells Air Rights, Fee Parcels in LIC

NEW YORK CITY—The buyers on the deal in this increasingly hip and trendy outpost of Manhattan intend to build residences and retail offerings.

By Rayna Katz | Updated on June 04, 2015

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.

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