Astoria, Real Estate
Sep 19, 2014

Astoria Cove Developers Paid $43.5 Million For Remaining Properties In Its Footprint

In the “that’s news to us” file, we’ve learned from the Queens Courier that the developers behind the mega project Astoria Cove finalized the sale of a handful of additional properties (…)

Share this Scoop

total shares!

In the “that’s news to us” file, we’ve learned from the Queens Courier that the developers behind the mega project Astoria Cove finalized the sale of a handful of additional properties within the development’s footprint, to the tune of $43.5 million. We thought they had all that taken care of, but apparently not. The purchases were made by 2030 Astoria Developers LLC, the official name of the entity behind Astoria Cove.

The properties are all on what is designated as 26th Avenue (which is kind of disappears at one point), at lots 8-01, 8-51, 4-34, 4-55 and 4-57. Here they are on the map:

astoria-cove-additional-properties-purchased-2014-queens

Via Google Maps.

Here’s a satellite image:

astoria-cove-additional-properties-purchased-2014-queens-satellite

Via Google Maps.

These are not the buildings slated for demolition that we highlighted in July—26-15 4th Street and 26-01 4th Street—but they are nearby.

Here’s a map of proposed footprint Astoria Cove, to give some perspective:

footprint-astoria-cove-queens

Via NYC.gov

Additional tidbits from the Courier article (NB: Howard Weiss represents the developers led by Alma Realty):

The project still has to clear its Uniform Land Use Review Procedure (ULURP) case. The City Planning Commission plans to hold a meeting on Sept. 29 about its decision on the proposal. [Howard] Weiss said they are confident they’ll receive the commission’s blessing.

“I believe the City Planning Commission will approve the project as proposed with respect to the affordable housing and with respect to all the [aspects] of the Astoria Cove project,” Weiss said. “The reason why I feel confident is because the Astoria Cove project is consistent with the mayor’s housing plan.”

From what we’ve heard, the number of affordable units is still a bone of contention, with Alma proposing 345 (20%) while a contingent wants to see 50% as affordable. We’ll be interested to see what the City Planning Commission says about this.

Astoria Cove developers pay $43.5 million for remaining land [Queens Courier]

About Meg Cotner

Meg Cotner was trained as a harpsichordist and now works as a freelance writer and editor. She is the author of "Food Lovers' Guide to Queens," and is a skilled and avid home cook, baker, and preserver.

Leave a Reply

Your email address will not be published. Required fields are marked *