GEE it’s December and I just realized that I forgot to compile the annual LICtalk Real E-State of The Union for 2016! Unfortunately given the publishing schedule, centerfolds and whatnot, it’s too late to produce this voluminous analytical tome which is closely followed by all the local RE honchos. Plus, who wants to read forecasts of something that’s already occurred?
Nevertheless, there was a transaction reported yesterday, which kind of sums up the trend of our previous E-States from 2014 & 2015. The old Clocktower Building, which is located at the top of Queensboro Plaza and was once the tallest building in Queens way back when, was sold by two upstart developers to the large and venerable Durst Organization for $175 million.
According to the New York Times, the upstarts were unable to get financing on agreeable terms, as banks and other lenders have pulled back on residential real estate in light of all the supply being added currently. How rational!
Nevertheless, the Dursts still plan on following through with the upstarts plan to build a 70+ story tower with ~1,000 rental apartments1. Hey, who am I to question the sagacity of the Durst family, renowned developers of the NY skyline for 100 years?
Sign of a Real Estate Slowdown as Clock Tower Changes Hands – includes great pic of the whole site
Durst Buys Clock Tower Site for $175 Million in Cash – would you like that in $50’s or $100’s?
Long Island City 2015 Real E-State of the Union – more of the same next year
- This building will actually ‘wrap-around’ the Clock Tower which will remain fully intact and be incorporated into the development [↩]