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Durst Buys Development Site, Landmarked LIC Building

NEW YORK CITY—Initially slated to become condominium residences, the developer did the deal with a surprising plan up its sleeve.

queens plaza clocktower- Durst will build a one million square foot 1,000-unit residential rental tower at the Queens Clock Tower Building.

NEW YORK CITY—The Durst Organization has acquired the Queens Plaza Park development site at 29-37 41st Ave., in the Long Island City section of Queens. Traded for $167 million, the site was sold by a joint venture between Property Markets Group and Kamran Hakim.

The transaction also included the purchase of the landmarked 49,300-square-foot Queens Clock Tower Building. The original plan for the site included condominium residences, but Durst intends to build a one million square foot 1,000-unit residential rental tower under the proposed 421-a program, if it passes.

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Rayna Katz

Rayna Katz

Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.

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