The landmark Clock Tower at 29-27 Queens Plaza North in Long Island City closed for $210 million this week. Owner SL Green sold the site to a joint venture, which plans new luxury rentals along Jackson Avenue.

The Clock Tower, a 14-story Art Deco building and one of Long Island City’s best-known landmarks, officially traded hands on Monday. SL Green confirmed the $210 million sale to a partnership between Domain Companies and the Vorea Group, two developers with a track record in Queens residential projects.

The new owners told NYC Pulse they plan to transform the site, which spans from 29-27 Queens Plaza North to 41-02 Jackson Avenue, into a mix of rental apartments and retail. “We’re aiming for over 400 units, mostly luxury rentals, with ground floor retail to activate Jackson Avenue,” said Jonathan Fink of Domain Companies. The developers said construction could start as soon as late 2024.

The Clock Tower has stood as a neighborhood anchor since the 1920s. Its recent landmark status delayed previous redevelopment efforts, but the new plans aim to preserve the Deco façade while building a 40-story tower behind it. The project joins a wave of new luxury rental developments stretching down Jackson Avenue from Court Square to Queens Plaza.

Community Board 2 Chairperson Lisa Deller said local officials have pushed for affordable units to be included. “We want to make sure this isn’t just another high-rise for Manhattan commuters,” Deller told NYC Pulse. The developers said they will meet city requirements for affordability and community space.

Frequently Asked Questions

Who bought the LIC Clock Tower and for how much?

The partnership of Domain Companies and Vorea Group bought the Clock Tower at 29-27 Queens Plaza North from SL Green for $210 million, closing on June 3, 2024. The sale covers the landmark building and adjacent parcels on Jackson Avenue.

What are the plans for the Clock Tower site?

The new owners plan to build a 400+ unit luxury rental development with ground-floor retail, incorporating the historic Clock Tower’s façade and adding a new 40-story tower behind it. Construction could begin as soon as late 2024.

Will there be affordable housing or community space?

Developers say they will meet city mandates for affordable units as part of the rental project. Community Board 2 is advocating for more deeply affordable apartments and public use space in the final design.

Frequently Asked Questions

Who bought the LIC Clock Tower and for how much?

Domain Companies and Vorea Group bought the Clock Tower at 29-27 Queens Plaza North from SL Green for $210 million, closing on June 3, 2024.

What will be built at the LIC Clock Tower site?

The new owners plan to build over 400 luxury rental units with ground-floor retail, preserving the historic Clock Tower façade and adding a 40-story tower behind it.

Will the historic Clock Tower be preserved in the new development?

Yes, the project will preserve the Art Deco façade of the Clock Tower while constructing a new tower behind it.

When will construction start on the new LIC Clock Tower development?

Construction could begin as soon as late 2024, according to the developers.

Will there be affordable housing in the new LIC Clock Tower project?

Developers say they will include affordable housing units to meet city requirements as part of the rental project.

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