July 5, 2017 By Christian Murray
It was always going to be big—just how big.
The Durst Organization filed plans Friday to build a 63-story building on the site next to the former Clock Tower Site.
The site, located at 29-55 Northern Boulevard, will include 763 rental units and about 9,000 square feet of commercial space.
Durst’s plans are no great deviation to what was proposed when the former owners Property Markets Group and Hakim Organization put forward plans. They proposed a 70-story building with 930 units.
PMG’s plans were controversial given the size. However, no zoning changes were required, since they bought unused air rights from the MTA that allowed to them building higher than city planning would otherwise have permit.
Instead of building the structure, they sold the property to Durst for $175 million in December.
Durst at the time of purchase said that it needed the 421-a program, which provides developers tax breaks in exchange for affordable housing, to be restored before it could build. At that time the program had expired.
State lawmakers made some changes and brought the program back earlier this year. As part of the program, Durst will be required to have at least 25 percent of the units be affordable.
Durst is currently working on the Hallets Point development in Astoria that will eventual feature 2,400 apartments across seven buildings.
The Real Deal was first to report on the plans.
PMG’s Rendering in 2015
