DECEMBER 19, 2016

The Durst Organization Acquires 77-Story Multifamily Development Site in Queens for $173M

By Jeff Shaw

NEW YORK CITY — Development plans call for assistance under New The Durst Organization York’s 421-a tax exemption program, which will has acquired the require at least 25 percent of the units to be development site of affordable per New York City guidelines. Queens Plaza Park in New York City for As part of the acquisition, The Durst Organzation $173 million. The also purchased the landmark Queens Clock Tower project is a 77-story Building, which is situated adjacent to the new residential tower development. Built in 1927, the property was once currently under the tallest building in New York City outside of construction in the Manhattan, though it will now be dwarfed by the Long Island City new project. submarket of Queens. Rosenberg & Estis served as legal counsel to The The 1 million-square- Durst Organization on the acquisition, as well as the Queens Plaza Park will feature foot building will $90 million first mortgage loan on the property. approximately 1,000 residential units in a 1 million-square-foot, 77- feature approximately Michael Lefkowitz and Christopher Nicosia of story tower. The acquisition 1,000 residential units. Rosenberg & Estis represented Durst in the included the historic Queens Clock Tower Building, seen at front, The project also acquisition, while Dennis Hellman, Larry which was once the tallest building includes a one-acre Mergentime and David Fries represented Durst in in New York City outside of Manhattan. public park and the financing. M&T Bank provided the capital for renovations to the the loan. Queens Plaza subway station entrance. Founded in 1915, The Durst Organization is a The seller was a joint venture between Property family-run commercial real estate developer and Markets Group and Kamran Hakim, a New York- owner. The company owns some of New York City’s based real estate investor. The building is expected most iconic buildings, including One World Trade to open in 2019. Center.