Astoria, Real Estate
Apr 17, 2014
So It Begins – 45 Affordable Units Dropped from Astoria Cove Development
You may be aware that two—and later three—mega developments are planned for the Astoria waterfront on that little peninsula that sticks out south of Astoria Park. The two developments are (…)
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You may be aware that two—and later three—mega developments are planned for the Astoria waterfront on that little peninsula that sticks out south of Astoria Park. The two developments are (…)
by Meg Cotner
Image source: DCP
You may be aware that two—and later three—mega developments are planned for the Astoria waterfront on that little peninsula that sticks out south of Astoria Park. The two developments are Hallets Point and Astoria Cove, and the latter of the two will bring 1,535-units of housing and 6-7 new buildings. Today, the NY Daily News reports that the number of affordable units has dropped from 340 to 295, in the application filed last month with the city. Housing advocates are unhappy about this, and you might be too, if you were considering vying for one of the affordable units.
Mayor DeBlasio apparently is “deadly serious” about the inclusion (creation or preservation) of 200,000 affordable units in the city. Housing advocates would like to see that commitment applied to Astoria Cove. But the lawyers for Alma Realty think they should not have to abide by the current mayor’s stance, since the project was developed when Bloomberg was in office.
“With respect to this project, which has been in formation for more than three years, I don’t think that the desire to modify or change the city’s policy would or should be applicable,” said Howard Weiss, the land use lawyer working for Alma Realty. Developers enjoy a system of incentives that generally kick in for residential projects that are at least 20% affordable. Alma Realty has argued the project’s total residential square footage meets that threshold. Officials will do their best to ensure that a “significant portion” of the housing in Astoria Cove is set aside as affordable, said a spokeswoman from the city Planning Department.
So what do you think? Do you think the developer should stick by their original plan to include 340 units of affordable housing or should they be able to make changes as they see fit? Leave us a comment – we want to hear what you think!
Planners drop 45 affordable units from Astoria Cove development [NYDN]
Astoria Cove Development Public Scoping Meetings in May [WHA]
That area it’s going to be golden in 10 yeras, lic/wburg, but the developer is not good, and they’ve balked on many public improvements. Similar developers in Brooklyn are increasing their affordable housing margins from 20 to 30%, including the domino sugar conversion. And they’re focusing on 2 and 3 bedroom units, and senior housing. Astoria is getting shafted. we only have one waterfront. I want better.
I don’t know, that area is starting to get built up. As that happens, supermarkets and bars and public transportation follows. I’m pretty bullish on that area. Being near the projects may scare some, but let’s face it…it’s NY…some of the most expensive real estate in this country is within a stone’s throw from public housing.
I’m not really sure who they expect to move out there to begin with. Very far from the subway, schools, good restaurants and supermarkets and right next door to housing projects. I know Shore Towers has shuttle service, will the new development have that as well? The only way it would be appealing is if it were *all* affordable housing, if I’m spending a lot of money to live someplace I want it to include a convenient commute and be near one of the main strips. So I have a feeling these units are going to stay empty for a long time.
Their definition of affordable ends up being middle to high income anyway. And why encourage families of 3 or more? There’s no infrastructure, overcrowded schools.
I say drop off another 45 affordable units and add 200 middle income units for families with 3 or more members in the household.