Property Markets Group

255 3rd Avenue

Residential Development Site At 253-255 3rd Avenue Expands, Gramercy

Last Summer, Apex Real Estate Investments acquired the three-story buildings spanning 253-255 3rd Avenue, in the Gramercy, and now the firm has purchased the buildings at 257-259 3rd Avenue for $15.7 million. According to Commercial Observer, initial plans were to build a 25-unit residential building with affordable units at Nos. 253-255, but it seems the site has been expanded. Bonus air rights are also available with the inclusionary housing bonus, but the rights will apparently be transferred elsewhere.


111 West 57th Street

111 West 57th Street Lands $725 Million In Financing

JDS and PMG’s 82-story, 60-unit condominium tower at 111 West 57th Street, in Midtown, has received a $725 million construction loan, thanks to AIG and Apollo Global Management. SHoP Architects is designing, and the supertall is now expected to stand 1,438 feet to its pinnacle. The existing Steinway building is being partially demolished, and foundation work is currently underway, with completion slated for 2018, according to Crain’s Business. In April, YIMBY brought you new renderings of the project.



29-27 Queens Plaza North

Long Island City’s Vacant Clock Tower Building to Undergo Commercial Renovation

The vacant 10-story clock tower at 29-27 Queens Plaza North, in Long Island City, will likely be landmarked in the coming weeks, according to DNAinfo. The property owners, Hakin Organization and Property Markets Group, plan to renovate the building to accommodate office space, and possibly retail. The owners are also planning the development of a 77-story, 930-unit mixed-use building at the adjacent lot 29-37 41st Street.



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