New York, June 5, 2015 - The international law firm Bryan Cave LLP represented the Metropolitan Transportation Authority (MTA) in connection with the $56 million sale of development rights and fee parcels in Long Island City, Queens, to a joint venture between Property Markets Group and the Hakim Organization. The transaction closed June 4.
The buyers plan to construct a 77-story residential building with local retail uses on the development site. This is made possible by the sale of approximately 480,000 square feet of air rights from a construction site for the MTA’s East Side Access project. The plan also calls for the buyers to create and maintain a public open space and expand subway access at the Queens Plaza station in Long Island City.
The building will contain approximately 1,019,119 square feet of residential space and up to 858 residential units. In addition, the development would include approximately 19,191 square feet of local retail uses that would be contained in the landmark Clock Tower building and two smaller buildings: a 38-foot tall retail structure that would be built on an accessory parking area and a 48-foot tall retail structure, which also would include a three-level parking garage with 186 spaces.
This transaction was part of a joint effort among members of the firm’s Land Use Team and Real Estate and Environmental Client Service Groups. New York Partners Sonia Bain, Judith Gallent and Kevin Healy represented the MTA with assistance from Associate Jonathan Danziger and Senior Planning and Development Specialist Jed Weiss.