PMG’s $364M Court Square Tower Condo Plan Approved

The office of the Attorney General has approved last month a $364.2-million condo plan at 23-10 Queens Plaza South. Property Market Group (PMG) is developing the 44-storey Court Square tower with partners, Hakim Organization and Howard Lorber's New Valley Investment firm.

The 481-foot tower will be the tallest residential building in the Queens area, offering apartments with city views and the first high-rise condos in the Court Square section, if the developers chose to proceed with the plan, as reported by The Real Deal.

Even with the approved condo plan, a spokesperson for PMG emailed The Real Deal saying that the company "is definitely doing a rental!"

Douglas Elliman will handle the leasing of the project, which will start its launching date in three to four months time, added the spokesperson.

 "It's more difficult once you have renters in place," said President Justin Elghanayan of Rockrose Development, one of the most active builders in Long Island City. "Getting your condo [plan] approved is not just a rubber stamp. It's just a cleaner process if you don't have people living there."

Elghanayan has said that he has no direct knowledge of the condo plans of PMG, and he noted that if the developer chooses to go the condo route, it would be a smart idea.

PMG and Hakim Organization do plan to sell condos at another project within walking distance - at a supertall tower at 29-37 41^st Avenue, which would be the tallest structure in the Queens if the project will push through for the proposed 914-feet-tall building.

Meanwhile, following the news that the city is considering upzoning the Court Square/Queens Plaza area for more development, it is reported that any zoning change will likely accommodate more affordable housing, according to the Queens Brownstoner.

It will be probable that the Department of City Planning will actually make it mandatory for developers to include affordable housing units in the area, which includes 100 blocks around Queens Plaza, Court Square, Jackson Avenue and Northern Boulevard.