REAL ESTATE Developers of planned 70-story tower in Long Island City sell site to Durst Organization BY ANGELA MATUA amatua@qns.com @AngelaMatua Th e developers of a planned 70-story tower that would become the tallest building in Queens have sold their site, according to Th e New York Times. Kevin Maloney and Kamran Hakim purchased a site at 29-37 41st Ave., next to a Long Island City clock tower building in Queens Plaza. Th ey poured about $750 million into acquiring the site but decided to sell it to the Durst Organization for $173.5 million for several reasons. Maloney told Th e New York Times that “we didn’t have the horsepower to get it done.” He told the publication that his acquisition loan was due soon and that he was not able to get a construction loan unless he put in more equity. He decided to sell the property. Th e building was dubbed Queens Plaza Park and would have included amenities such as a pool and a health club. Maloney is still working on a 45-foot tower in the neighborhood. “Th ere’s no denying the high-end market has slowed down,” he told the New York Times. “Th e good news is that land prices should start coming down.” Th e Durst Organization said they would look to build a rental tower about the same size as the original plan, which was 914 feet. Another tall tower is planned for Long Island City and this one would span 984 feet, making it “supertall” according to the Council on Tall Buildings and Urban Habitat. Flushing-based developer Chris Jiashu Xu fi led plans in February to construct the City View Tower at 23-15 44th Dr. Ross Moskowitz, a real estate partner at Stroock & Stroock & Lavan, told Th e New York Times that factors like the expiration of a tax abatement program 421-a and rising interest rates have forced some developers to sell off their sites or bringing on new partners. Photo courtesy of Google Maps This site at 29-37 41st Ave. was sold to the Durst Organization. Sales in Queens HOMES COOPS CONDOS Listings and photos courtesy MLSLI NORTHEAST NORTHWEST SOUTHEAST SOUTHWEST LITTLE NECK WOODSIDE QUEENS VILLAGE RIDGEWOOD Under $500,000 226-22 Kingsbury Ave., Bayside $199,888 Co-op 1 bedroom, 1 bathroom Jessica Akde Elmazi Anne Donohue Real Estate $500,000-900,000 147-25 Willets Point Blvd., Whitestone $849,000 1-family home 3 bedrooms, 2 bathrooms Jian Wang Keller Williams Realty Gold Coast Over $900,000 53-09 Marathon Pkwy., Little Neck $1,850,000 1-family mansion 5 bedrooms, 4 bathrooms Xiao Guang Wang Chous Realty Group Inc. Under $500,000 86-10 34th Ave., Jackson Heights $399,969 Co-op 1 bedroom, 1 bathroom Michele Beaudoin Beaudoin Realty Group $500,000-900,000 72-22 Calamus Ave., Woodside $788,000 1-family home 4 bedrooms, 1 ½ bathrooms Yueh Mei Lee Keller Williams Realty Landmark Over $900,000 30-85 Vernon Blvd., Astoria $1,380,000 Condo 3 bedrooms, 2 bathrooms Th eresa Ching Douglas Elliman Real Estate Under $500,000 98-33 212th St., Queens Village $429,000 1-family home 3 bedrooms, 2 ½ bathrooms Ronnie Ebrani Blue Key Real Estate Brokerage $500,000-900,000 83-20 243rd St., Bellerose $899,000 1-family home 4 bedrooms, 4 bathrooms Palackal Babu Cross Island Realty One Inc. Over $900,000 82-04 Aberdeen Road, Jamaica Estates $1,299,000 1-family home 4 bedrooms, 3 ½ bathrooms Julia Shildkret Julia Shildkret Real Estate PICTURED LISTING Under $500,000 85-06 79th St., Woodhaven $259,000 1-family home 3 bedrooms, 1 bathroom David Danino First Home Realty Group $500,000-900,000 77-12 82nd St., Glendale $599,000 1-family Tudor 3 bedrooms, 1 ½ bathrooms Mark Trucios Master Estates Over $900,000 1758 DeKalb Ave., Ridgewood $1,595,000 3-family home 8 bedrooms, 3 full baths, 1 half-bath Sylwia Anna Juras Crifasi Real Estate
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