The MTA approved the $56M sale of 478,000 square feet of development rights yesterday, paving the way for the tallest tower ever to rise in Queens. The buyer is a development group that includes Property Markets Group and the Hakim Organization, and they are planning to construct a giant 77-story building with around 900 apartments to 29-37 41st Avenue, an L-shaped site beside the iconic Clock Tower. Without the development rights, the tower would only grow to 40 stories. The deal includes the transfer of a 25,000-square-foot piece of land that will be turned into a public park.
· MTA to Sell Air Rights to Developer Planning to Build Queens' Tallest Tower [DNAinfo]
· MTA Will Sell $56M Long Island City Property to Developer Eyeing New 77-Story Residential Tower [NYDN]
· All coverage of 29-37 41st Avenue [Curbed]