LIC Clock Tower May Face Demolition After Being Sold

November 25, 2014 | Rhett Jones

After selling for $15 million just six months ago, the Long Island City Clock Tower has changed hands once again. The latest buyer, Property Markets Group, more than doubled the previous asking price, paying Criterion Group $30,900,000.

An effort to have the iconic tower landmarked began in October and as of today the petition has 844 signatures. Christian Emmanuel, a leader of that effort, told The Real Deal that “commercial tenants in the building received a notice to vacate within 180 days due to impending demolition.” PMG has not yet commented on whether that is true or not.

According to the Brownstoner, Emmanuel’s group “has already filed paperwork with the Landmarks Preservation Commission proposing the landmark, but no one knows if the LPC will actually move ahead with the designation process.”

PMG also bought the property adjacent to the clock tower in early November for $46,300,000, fueling further speculation that they intend to develop both properties. If LIC Clock Tower is demolished, it will join nearby Five Pointz as a beloved Queens real estate casualty.

(Photo: Change.org)