Undaunted by the floundering housing market, a New Jersey real estate firm is looking to build 2,400 residential units on the Astoria Peninsula, the Daily News has learned.
Lincoln Equities of East Rutherford has a contract to buy five parcels of land once used for manufacturing on First Ave., along the portion of the East River waterfront known as Hallets Cove.
Lincoln plans to bulldoze several warehouses on the land and build five residential buildings, one of which would rise 40 stories, company officials said.
The project, known as Hallets Point Development, would require the zoning be changed from manufacturing to residential.
N.J. firm seeking to build 2,400 housing units along Hallets Cove
...20% of the 2,400 units will be affordable housing, but it was unclear how the prices for the project, which is privately funded, would be determined.
Company officials have quietly begun presenting their plans to the community in recent days. The zoning subcommittee of Community Board 1 got a preview Thursday night.
Lucille Hartman, district manager of Community Board 1, said the board has not taken a position on the project. But she added that the board has "always been supportive of development on the waterfront," and said there is a need for a neighborhood community center.
Hey, remember the blackout? Sewer problems? Here, I'll save you the trouble: Community Board 1, the community board from hell.
Photo from New York Harbor Beaches