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Thread: Astoria Development

  1. #61


    In a perfect world with ample resources, there would be a pedestrian/bike bridge from this peninsula to Randall's Island.

  2. #62

  3. #63
    NYC Aficionado from Oz Merry's Avatar
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    Oct 2002


    Durst Family Buys Megaproject Site at Hallets Point

    by Rowley Amato

    Earlier this week, the Durst Organization bought the long-awaited development site at Hallets Point, paying "well over $100 million" for a 90 percent stake in the Astoria megaproject.

    The Hallets Point development has been in the works for years, and developer Lincoln Equities finally got the greenlight from the city last fall. All told, the project will have 1,921 apartments (plus 483 affordable units), spread across seven buildings. The plans also call for an esplanade, a school and retail space, including a supermarket. Interestingly, the New York City Housing Authority struck a deal that will allow the developer to build and operate two affordable buildings on the grounds of Astoria Houses, the nearby public housing complex.

    The deal marks one of Durst's biggest forays into the housing market, whose reputation was built on commercial holdings.

    "Times are changing," said developer Douglas Durst. "Large-scale office development opportunities are sparse and Manhattan land is cost-prohibitive to build rentals. It is time for the family to go deeper into residential and to cross the ocean to Astoria."

    Meanwhile, just around the corner, the Astoria Cove residential development is awaiting city approval, with the Planning Commission expected to vote on the project in the coming days.

    "Builders Turn Focus To Housing Market" [NYT]

  4. #64
    Random Personality
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    Aug 2005
    Woodside, Queens


    Cross the ocean? That gave me a chuckle.

  5. #65
    NYC Aficionado from Oz Merry's Avatar
    Join Date
    Oct 2002


    With City Council's Approval, 1,700-Unit Astoria Cove Is A Go

    by Jessica Dailey

    A new rendering of Astoria Cove. Via the New York Post.

    Residents of Astoria, it's time to start preparing for another megaproject. City Council voted today to approve developer Alma Realty's plans for a controversial 1,723-unit development on the Queens waterfront, known as Astoria Cove. The approval was expected, as the council's land use committee approved the plan earlier this month. After months of negotiations, it's been decided that the development will be built with all union labor, and 460 of the 1,723 units (about 27 percent) will be reserved as affordable housing for families with a range of incomes.

    The Observer reports that the city agreed to commit "$5 million in tax payer money toward the construction of a ferry dock on the peninsula," as well as "finding sources for remaining $3 million needed to make the boat-boarding point a reality." The city will also spend $1 million to upgrade a library, and another $500,000 to improve a senior center in the nearby NYCHA houses. Alma agreed to upgrade a local park for an unspecified sum, and include a grocery store and new public school.

    City Council members spoke optimistically about the project, but some experts are skeptical as to whether or not it will actually be built. Crain's speculates that Alma may actually flip the property:

    Crain's has confirmed that a minority partner has already been seeking a buyer for its stake. While majority partner John Mavroudis says he intends to build the project, he lacks the track record on ambitious developments to put much confidence in his assurances. After all, one group won approval for Hallets Point and then sold it to deep-pocketed Durst.

    In addition, some less-than-flattering news has come out about the developer—Alma's founder allegedly bribed a Greek bank in 1995 for $5.7 million—and many critics are pointing to these shady dealings as a reason why the city should not work with them. Seems like the ship has sailed on that one, but what do we know.

    City Council Approves Astoria Cove Project in Queens [NYO]
    Astoria Cove project a risky gamble [Crain's]
    Judge: Alma Realty founder allegedly bribed Greek bank reps in 1990s [NYDN]

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