Property Markets Group

455-459 Smith Street

Developer in Contract to Acquire Commercial Site at 455-459 Smith Street, Gowanus

Property Markets Group is in contract to purchase the vacant 166,000-square-foot property at 455-459 Smith Street, in Gowanus, for roughly $50 million, DNAinfo reported. The site – bound by Huntington Street to the south, Smith Street to the west, Fifth Street to the north, and the Gowanus Canal to the east – is zoned for manufacturing. It can support 332,000 square feet of commercial development as-of-right in the form of offices, hotels, retail, and manufacturing/industrial space. The eventual new owner is mulling the idea of building a mixed-use development with a hotel, offices, and retail space, although development plans are in very early stages. The site, once home the Citizens Manufactured Gas Plant, is currently undergoing a remediation headed by National Grid. The plant’s last warehouse structure was demolished years ago. The Smith-Ninth Streets stop on the F and G trains is located a block to the south.



From Piano Row To Billionaires’ Row: Demolition Wraps Up On Three Buildings At 27-33 West 57th Street

The stunningly tall towers rising along 57th Street are taking the Manhattan skyline to a whole new level. Despite their relatively small footprints, some projects are actually replacing true architectural gems. Between the end of 2014 and the beginning of 2016, the LeFrak Organization and Vornado Realty leveled three pre-war buildings at 27-33 West 57th Street. Although the latest reports indicated a “seven star hotel,” final plans are still unknown. Given the site’s Billionaires’ Row location and proximity to Central Park, whatever gets built will most likely be very tall, and very expensive.

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42-50 24th Street

Developers Acquire Mixed-Use Development Site At 42-50 24th Street, Long Island City

Property Markets Group and the Hakim Organization have purchased the roughly 34,000 square-foot property at 42-50 24th Street, in the Queens Plaza section of Long Island City, for $69 million. The site boasts approximately 270,000 square feet of development rights that could go towards a mixed-use project. The property is currently occupied by a taxi company and their old single-story building, although plans for the future have not been disclosed, per The Real Deal. The same developers recently topped out their 44-story, 391-unit mixed-use project a block to the north at 23-10 Queens Plaza South.


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