The MTA board voted Wednesday to transfer unused development rights from a Queens site it owns for $56 million to a firm that plans to construct the largest building in the borough, according to published reports.
Developer Property Markets Group filed to construct a 70-story, 930-apartment building at 29-37 41st Ave. on March 11. But current zoning at the site wouldn’t allow for such a large project.
However, the MTA will transfer 478,000 square feet from a lot at Northern Boulevard and 40th Road to the developer, which will allow the firm to build up to 77 stories on the lot, according to DNAInfo. The sale is expected to be completed soon.
Property Markets Group also purchased the Long Island City clock tower building adjoining the development site for $30 million last year.
Construction plans have yet to be released for the clock tower, but the city is considering landmarking the building.