The towers will provide 1.1 million square feet of commercial space and bring more than 1,500 construction jobs to the area.
The project has been designed by Raul De Armas of MdeAS Architects. Construction will begin in early 2017 and completion is due in 2019.
The towers will be connected by a four-storey podium featuring a mix of retail, food outlets and a car park.
“Thanks to the City of New York’s investment in the area’s infrastructure, enlightened policy decisions and the active support of the New York City Economic Development Corporation, the local community and its elected officials, Long Island City has become a model for 21st Century urban development,” said Tishman Speyer CEO Rob Speyer.