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LIC Development Wants Unused MTA Air Rights and Land

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The developers of a massive, 70-story tower at 29-37 41st Avenue in Long Island City are interested in spending millions on city-owned land, in order to build the tallest building in Queens. Crain's reports that Property Markets Group and the Hakim Organization—the two developers behind the project, which was announced earlier this month—will spend up to $56 million on land and development rights currently owned by the MTA, in order to build the tallest building in Queens. The project's plans call for 930 units, spread across 830,000 square feet. However, since that plan greatly exceeds current zoning regulations and would require the purchase of additional air rights, currently part of a construction site for the MTA's East Side Access project.

The MTA board will vote on whether to approve the deal next week, which would also see PMG and Hakim building a public park and improving subway access in the area.
· Developers seek $56M worth of MTA air rights and land [Crain's]
· All 29-37 41st Avenue coverage [Curbed]