The MTA has awarded 480,000 square feet of air rights to Property Markets Group and the Hakim Organization to build a 70-story tower at 29-37 41st Street. The Daily News reports that the MTA Board voted yesterday to approve the sale, which puts $56 million into the agency’s pocket. (So why did our Metrocard price just go up?) According to an MTA spokesperson, “Every dollar we are able to secure through real estate transactions helps to reduce the pressure on the fares, tolls and taxes that support the MTA.” Current zoning at the parcel allows for 40 stories of development. With the air rights, developers can add an additional 39 stories. Last we heard, plans were for 70 stories, 830,000 square feet, and 930 units. There will be no affordable housing included in that, so LIC will get the luxury skyscraper that it’s always needed! MTA Will Sell $56M Long Island… Read More