Plaxall's Investment in Hunter's Point

Over the weekend Crain’s profiled the family behind the Plaxall company, a plastic manufacturer in Long Island City. Turns out the family holds significant real estate investment in the area after Louis Pfohl, the founder of Plaxall, started picking up property in the 1950s. The family now owns more than two dozen properties and 1,000,000 square feet of holdings in LIC, including the Hunters Point Plaza office building. Future plans include building a four-story residential building on 49th Avenue, as well as a food and drink spot in an old ferry docked on the waterfront.

The company is also pushing to turn LIC into an entrepreneurial hotspot. They support the Coalition for Queens and worked with the coalition on a proposal to launch a tech incubator in a family-owned warehouse. (Funding didn’t come through and the proposal never made it to light.) According to Jukay Hsu of the Coalition for Queens, “They were the first members in the business community that understood technology was important to Queens.”

Family Reinvests in Long Island City [Crain’s]

Photo via Crain’s