Long Island City is getting some sweet "vertical money" in the form of the largest skyscraper outside of Manhattan. Behold the 77-story Art Deco Stun Gun that will someday dwarf the clock tower building in Queens Plaza.
The Times reports that the building's developers, Property Markets Group and the Hakim Organization, "are in a race to begin construction by summer so they can qualify for tax breaks without having to include affordable housing."
All 930 units in the tax-subsidized 958-foot tower will likely be market rate thanks to current 421-a loopholes. As pleasing as it is to know that our tax dollars are entombing our affluent neighbors in a tasteless Transformer dildo mid-morph, we could really use those affordable apartments.
Instead, the developers will build a 1.25 acre public park on land owned by the MTA, who got $52 million for selling the air and construction rights around the parcel. From Curbed:
Some members of the board felt that the MTA should strike a deal that required the developers to include affordable housing, but that would have meant less money for the authority. Ultimately, the majority of the board, including chairman and chief executive, Thomas F. Prendergast, decided that "their responsibility was to riders, not residents," and the sale was approved.
Fans of the clock tower shouldn't worry; it's being landmarked. The Times reports that "the developers plan to keep it as an office building for tech firms."