LONG ISLAND CITY – Long Island City has been fertile ground for new skyscrapers for over a decade–and the biggest additions are still yet to come. Despite concerns over an apartment glut, developers are racing to send 60- and 70- story towers skyward, including the Durst Organization’s Queens Plaza Park, United Construction’s Court Square City View Tower, and Stawksi Partners’ 43-30 24th Street. A newcomer to this party is a mixed-use tower from Dynamic-Hakim and Property Markets Group (PMG) set to rise at 42-50 24th Street.
The developers acquired the 33,982-square-foot lot in December 2015 for $69 million from taxi kingpin Ron Sherman, head of CMT. The development site currently holds a surface parking lot and is close to both the Queensboro Plaza and Court Square stations.
In addition to three street frontages, the lot is bound to the west by the elevated 7 train and to the north by an elevated access road serving the Ed Koch Queensboro Bridge.