The Long Island City Clock Tower may soon be turned into a new apartment building in one of the hottest residential areas in Queens.
On Friday it was revealed that the Criterion Group, a residential developer, purchased the Clock Tower for $15 million.
The space, which was used by the Holocenter arts group for many of their shows, is located at 29-27 Queens Plaza North, directly across the street from the Dutch Kills Green Plaza.
The Criterion Group reports there are no plans in the works yet.
Assuming the company will continue working with residential sites, the Clock Tower will probably become apartments.
This is not the first Queens venture for the Criterion Group. The company is working on a 122-unit building in Court Square — just a few blocks west of the Clock Tower — and a project in Middle Village.
Long Island City has been a real estate hot spot for years and will soon become even more popular with more than 5,000 apartments in Hunters Point South set to hit the market soon.