HHF is currently marketing the Development site for Kevin Maloney’s PMG, at 29-37 41st Avenue in Long Island City’s, Queens Plaza district. According to the marketing, the property is over 1 million square feet, with a 15-year 421 tax abatement, $35 million in brownfield tax credit and the plans for the project. The plans call for 68 stories, and amenities such as a 1 acre park, automated parking, a bar and lounge, fitness facility, spa, Jacuzzi, library, social bar, movie room, kids room and more.
PMG assembled the site in 2014 after the properties had already traded. One part of the assemblage was sold to PMG from Steve Cheung back in November of 2014 for $46 million, 3 years after Steve bought it for $8 million. PMG acquired the Clock Tower from Shibber Khan of the Criterion Group for over $30 million in November of 2014 after Khan paid $15 million for it 6 months prior. PMG also bought $56 million worth of additional air rights from the MTA back in March of 2015.
Queensbeans will continue to update this story as it develops.