A new proposed Flushing development may become the tallest building in the borough of Queens outside of Long Island City.
The 400-foot-tall structure consisting of two residential towers, 39 stories each with four floors of underground parking and an official address of 71-12 Park Ave., will include 488 apartments, according to plans pre-filed with the Department of Buildings (DOB) on Tuesday.
Plans to construct the two development sites, with a total area of 2.4 acres, were announced by David Marx, of MDG Real Estate Global Limited, who purchased the lot for himself, The Real Deal reported. On Aug. 4, MDG announced that the sale had been completed, but New York City property records do not show any transfer of real property.
MDG’s Israeli bondholders approved the deal in May. Marx purchased the vacant lots for roughly $54 million off of his British Virgin-Islands registered holding company, MDG Real Estate Global Limited.
Prior to Marx’s purchase, MDG’s original plans for the site varied over the years.
In 2012, the firm received special permits to build an eight-story, 164,990-square-foot nursing home with 298 beds on the western half of the site facing Parsons Boulevard, pending a hazardous material inspection, according to the Real Deal. The permits have since been lapsed.
Other plans included building a 258,000-square-foot, 250-unit rental building on the western half and a nursing home on the eastern half facing Park Avenue. However, last year, MDG said an architect discovered that the two parcels could potentially support more than twice as much square footage as originally believed. The firm had then decided to sell the land to Marx after it was unable to formalize additional rights and failure to find a buyer at a fair price, according to the Real Deal.
In a statement to QNS, the DOB confirmed saying, “An application for a new residential development comprised of 39-story towers was filed with the Department 8/15/19. The application is in the earliest stages and has not yet been approved by DOB.”