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

Back in the summer, QueensBeans was the first to report that HHF began marketing The Clock Tower in LIC for Kevin Maloney’s PMG. That site sold to Durst at the end of last year and now PMG and the Hakim Organization have brought another development site in Long Island City to market.

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.

The site is next to a current tower PMG built and was also trying to sell recently. The site is across the street from Axel Stawski’s recent plans to develop his property at 43-30 24th Street and is down the street from Chris Xu’s site at 23-15 44th Drive.

PMG and Hakim Organization could not be reached for comments as to why they have been divesting from LIC. PMG bought the site at the end of 2015 and the Ron Sherman who sold the site bought north of the bridge. A representative from HFF was not able for comments either.

Queensbeans will continue to update this story as it develops.