U.S. Criterion Group acquires Long Island City site for $80 mln

01/16/2019 1:07:00 PM (GMT)

U.S.-based property developer Criterion Group has acquired Long Island City development site in New York with $80 million investment.

Criterion Group paid for the two parcels just north of Queensboro Plaza between 22nd and 23rd streets.

The seller of the development is U.S.-based property developer PEC Realty Corp.

In 2014, Criterion agreed to pay $70 million for the site, but the purchase deal stipulated that the price tag could jump to $80 million if Criterion obtained a zoning change to allow for more residential space.

Criterion Group LLC.

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