The Clock Tower building at 29-27 Queens Plaza North in Long Island City traded for $72 million this week, with Amazon reportedly negotiating a significant lease in the landmark tower. The sale marks the second-largest commercial transaction in Queens so far in 2024.

Long Island City’s Clock Tower, a neighborhood landmark at 29-27 Queens Plaza North, changed hands this week in a $72 million deal. Columbia Property Trust, the new owner, confirmed the transaction closed June 5, making it one of the highest-priced real estate deals in Queens this year. The seller, Property Markets Group, originally acquired the site in 2015 and has been looking for a buyer since early spring.

Amazon is reportedly finalizing negotiations for a long-term lease in the newly acquired tower, according to two brokers working in Court Square. The tech giant is expected to occupy three full floors, totaling nearly 80,000 square feet, with build-out set to begin later this summer. According to city records, Amazon’s lease would mark their largest office footprint in Queens since the company’s abortive HQ2 plans in 2019.

The Clock Tower itself has stood over Queens Plaza since 1927 and is best known for its four-faced clock visible from the 7 train platform. Locals say its preservation was key in the sale. “The new owners plan to restore the clock and maintain ground-floor retail,” said Sandra Lin, a broker at Modern Spaces, which has offices nearby. Neighborhood businesses are eyeing the deal as a potential boost for foot traffic and new retail opportunities, especially as Amazon’s move could bring hundreds of new workers to the area.

Frequently Asked Questions

Who bought the Clock Tower and when did the sale close?

Columbia Property Trust purchased the Clock Tower, located at 29-27 Queens Plaza North, from Property Markets Group. The deal closed on June 5, 2024, for a total of $72 million, making it one of this year’s marquee commercial transactions in Long Island City.

What is Amazon planning for the Clock Tower?

Amazon is in advanced negotiations to lease three floors inside the Clock Tower, totaling about 80,000 square feet. The lease is expected to be signed by late June 2024, with interior build-out due to start before Labor Day. This would be Amazon’s largest office presence in Queens since 2019.

How will the sale and new lease impact Long Island City?

The Clock Tower’s sale and Amazon’s expected lease are likely to boost office tenancy and increase daytime foot traffic in the Queens Plaza area. Local businesses anticipate more retail opportunities as hundreds of Amazon employees move in. Columbia Property Trust has also pledged to restore the tower’s historic features.

Frequently Asked Questions

Who bought the Long Island City Clock Tower and for how much?

Columbia Property Trust bought the Clock Tower at 29-27 Queens Plaza North for $72 million.

When did the sale of the Clock Tower in Long Island City close?

The sale closed on June 5, 2024.

Is Amazon leasing space in the Long Island City Clock Tower?

Amazon is negotiating a lease for three floors, totaling about 80,000 square feet, in the Clock Tower.

What is the historical significance of the Clock Tower in Long Island City?

The Clock Tower dates to 1927 and is a neighborhood landmark known for its four-faced clock visible from the 7 train platform.

How will Amazon’s lease in the Clock Tower affect the Long Island City area?

Amazon’s lease is expected to bring hundreds of employees, increasing foot traffic and retail opportunities in the Queens Plaza area.

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