Astoria is one of the most populous community districts in the city with a vacancy rate among rental units under 3 percent, according to data from the Furman Center for Real Estate & Urban Policy. The number of new building permits and projects submitted for approval to the New York State Attorney General's office has increased significantly during the past three years.
More people are coming to Astoria to live. Development activity in Astoria is being spurred by demand and economics, and whether these units are condo or rental, both are priced cheaper than Manhattan. Taller buildings mean that a developer can take advantage of some zoning incentives for property designated as a community facility. In addition, contextual grievances can increase the as-of right floor to a building's height when looking at the height of other buildings in the near vicinity. This can help the developer build more, which in essence lowers the acquisition cost of the property.
There's a lot more gushing over new buildings where this came from...no mention of the impact all this will have on electrical and sewer systems. Wasn't this ground zero of the blackout in 2006?