LONG ISLAND CITY — A 70-story building — what would be the borough's tallest building — is four times the size that current zoning allowed on the lot, city records show.
Property Markets Group wants to build a massive 829,260-square-foot-building at 29-37 41st Ave., a lot with zoning that caps buildings at 205,032-square-feet, according to zoning records.
It's not immediately clear how the developer will achieve the additional square footage described to complete the plan. The developer declined to comment.
One possibility is to combine two or more adjacent lots into one, and to shift any unused development rights — when the built floor area at a site is less than the maximum that's allowed — from one site to the other.
Property Markets Group also owns the property next door, the former Bank of Manhattan building known as the Clock Tower.
Yet combining the allowed square footage at the two sites still falls short of the 829,260-square-feet the developer is proposing.
Crain's New York Business, which originally reported on the zoning discrepancy, suggested that Property Markets Group may have purchased the unused development rights from another adjacent lot, which the MTA owns and is using to do work on its East Side Access project.
The MTA did not immediately respond to a request for comment.
Property Markets Group is proposing to build 930 apartments at the site, along with a parking garage, retail space, a health club and a swimming pool.
