The Durst Organization has acquired, for $173.5 million, the high-profile mixed-use development site at 29-37 41st Avenue, in Long Island City’s Court Square section. The new owner plans to build a tower with 1,000 rental apartments, rising as tall as 914 feet above street level, the New York Times reported. It’s expected that 25 percent, or 250 units, will rent at below-market rates through the housing lottery, Real Estate Weekly reported. The project would also include the creation of a half-acre public park. The sale included the vacant 14-story, 49,300-square-foot commercial building at 27-29 Queens Plaza North, an individual landmark, which was expected to receive a renovation by the same previous developers.
Building applications for a 70-story, 930-unit mixed-use tower at the site are currently on file with the Buildings Department. The plans, drafted by SLCE Architects, also include 14,969 square feet of retail space on the ground floor.
2:34 p.m.: This post has been updated with additional information from Real Estate Weekly.