Proprety Markets Group – Queens Plaza North
Property Markets Group is even more active in the Queens Plaza district. PMG’s 23-10 Queens Plaza South rental development is now under construction and now PMG just closed on two adjacent properties at Queens Plaza North in the past two weeks.
The first of the two sites, 29-37 41st Avenue, is an “L” shaped, deferentially zoned vacant lot that can build above 200,000 square feet. The site was reportedly sold with approved plans for a 30-story, 242-unit rental building. Developer Steve Cheung sold the site to PMG for $46.3 million, three years after purchasing it for just $8 million.
The second site is the adjacent Clock Tower Office building at 29-27 Queens Plaza North, which PMG purchased one week later for just shy of $31 million. Shibber Khan’s Criterion Group purchased the building in May for $15 million and flipped for more than double their purchase. The Clock Tower, at almost 52,000 square feet can build up to about 148,000 square feet. That places the total PMG purchase at over $77 million for over 248,000 square feet to build with. At just over $220 a buildable square foot, PMG has another massive project coming to the Queens Plaza area.
However, preservationists are trying to have The Clock Tower declared as a landmark, before it can be torn down. The building designed by Morrell Smith was the tallest building in Queens for decades and it is not clear what PMG plans to do about this.
The Queens Plaza area is and will be rapidly changing not only with this and PMG’s other project mentioned, but Tishman Speyer has begun demolition on their massive project of 1,600 units and Simon Baron has a project on the Northern Boulevard side for a 44-story, 400-unit mixed use tower.