Skyline Tower at 3 Court Square in LIC has been sold for $650 million, the borough’s biggest real estate deal of 2024. Adam America Real Estate led the buyer group, closing on the 67-story condo tower on Tuesday.

The sale of Skyline Tower, long the tallest residential building in Queens, marks a seismic shift in Long Island City’s condo market. Adam America Real Estate, alongside partners including Vanke US and Northwind Group, officially took the reins on June 18 according to property records filed at the Queens County clerk’s office. The price tag—$650 million—makes this the borough’s most expensive deal so far this year.

Skyline Tower’s previous developers, Risland US and United Construction & Development Group, began marketing the 802-unit property back in 2019. But with the market cooling and interest rates up, the project’s rapid sellout was stalling. The transfer to Adam America comes as about 80 units remain unsold, according to a representative from Halstead Property Development Marketing who requested anonymity as they were not authorized to speak on the record.

Residents of 3 Court Square saw the new buyers’ representatives on site Wednesday morning, meeting with the condo board to discuss ongoing maintenance and retail plans. “Ownership will focus on retail tenants that serve the neighborhood, not just luxury services,” said Guy Mandelbaum, managing principal at Adam America, in a phone interview. Several ground-floor retail spaces—including a currently vacant corner spot intended for a café—are expected to see new leases in the next six months.

Frequently Asked Questions

Who bought Skyline Tower, and when was the deal finalized?

An investor group led by Adam America Real Estate closed the purchase of Skyline Tower on June 18, 2024. The group includes Vanke US and Northwind Group. The deal was confirmed via public property records.

What will happen to the remaining unsold condos?

The new ownership group will continue to market the approximately 80 unsold units at 3 Court Square. They’ve indicated a focus on more flexible pricing and updated marketing plans to accelerate buy-ins by local buyers and first-time homeowners.

How does this sale impact Long Island City’s real estate market?

Skyline Tower’s transfer signals renewed confidence in LIC’s condo market after a period of sluggish sales. The $650 million deal is expected to set a benchmark for future large-scale residential transactions in Queens, especially for new developments near Court Square and Hunters Point.

Frequently Asked Questions

Who bought Skyline Tower in Long Island City in 2024?

Skyline Tower was bought by an investor group led by Adam America Real Estate, with partners Vanke US and Northwind Group.

How much did Skyline Tower sell for in 2024?

Skyline Tower sold for $650 million on June 18, 2024.

How many condo units in Skyline Tower remain unsold after the sale?

About 80 out of 802 condo units remain unsold at the time of the sale.

What changes are planned for the retail spaces at Skyline Tower?

The new owners plan to lease ground-floor retail spaces, including a vacant corner spot intended for a café, within the next six months and focus on tenants that serve the neighborhood.

What impact does the Skyline Tower sale have on the Long Island City real estate market?

The $650 million sale is expected to set a benchmark for future large-scale residential transactions in Queens and signals renewed confidence in Long Island City’s condo market.

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