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Residential Developer Buys LIC Clock Tower for $15 Million

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The sale of Long Island City's Clock Tower building hit public records on Friday, revealing the Criterion Group as the buyer. The developer paid $15 million for the site, which recently housed the Holocenter arts group in its ground floor gallery space. A rep from Criterion told Curbed that they currently have no plans for the building, however, given that Criterion is a residential developer, the Clock Tower will most likely become apartments. The Criterion Group developed a handful of projects in Queens, and they are currently working on a 122-unit building in Court Square and a similarly sized project in Middle Village.

The Clock Tower is located at 29-27 Queens Plaza North on the corner of Northern Boulevard, directly across the street from the Dutch Kills Green plaza near the elevated subway tracks. The Art Deco structure was originally built for the Bank of Manhattan in 1927, and in recent years, it's been used by arts groups and leased as offices. Since a 2001 rezoning, the area has seen a huge residential development boom; more than 5,000 apartments have been built or are being built, and about half of them are within two blocks of Queens Plaza.
· Criterion Group [official]
· Vacant Long Island City Bank Taken Over By Site-Specific Art [Curbed]
· All Queens Plaza coverage [Curbed]
Photo via LIC Post