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PMG Pays MTA $56M for LIC Air Rights

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PMG Pays MTA $56M for LIC Air Rights

A JV between PMG's Kevin Maloney and Karman Hakim threw down $56M to the MTA for air rights to build a 77-story residential building on Queensboro Plaza. (You read that right: 77 stories. In Queens.) Current zoning would let PMG build up to 40 stories, but the 480k SF of air rights allow for up to 79, The Real Deal reports. PMG bought the site last year for $46M, and the air rights deal includes three small pieces of land, one of which will become a park. We hear the MTA’s got more air rights to sell, too. [TRD]

Related Topics: Queens, LIC, MTA, Kevin Maloney, PMG