Developers in Queens say a proposed downzoning of 34 blocks on the major thoroughfares Northern and Astoria boulevards in the Corona neighborhood will force them to cut back on the size of their projects if they cannot begin construction before the proposal would take effect.The proposed zoning would cut the maximum density of mixed-use development on the street from an unlimited height to 70 feet, and from a 4.8 floor area ratio, or FAR, to a 3 FAR. The reduction would cut a building's height by the equivalent of two stories, real estate professionals said.
Corona downzone could temper development
5 comments:
Greedy developer said...
"It makes absolutely no sense to downzone Northern Boulevard. It will affect my project and make it much less profitable," he said. "If I don't get the foundation in before the zoning change, that could kill it. I am in a race to get financing."
Ah, finally the day has come. Maybe we'll finally be able to run these creeps out of the borough. They've already done enough damage.
This will only be good if the Developer cannot get the foundation in the ground before the rules take affect - which won't happen since they cannot borrow from banks these days to build spec property.
The problem is a Developer can simply switch to building in adjacent areas or areas not zoned yet.
HEY DEVELOPERS - ELMHURST, MASPETH, MIDDLE VILLAGE and GLENDALE ARE RIPE TO BE DESTROYED BY YOU AND ENCOURAGED / SUPPOERTED TO DO SO BY BLOOMBERG AND LOCAL POLS!
That is ok - move all projects to CB1, the community board from hell.
F--k 'em up the ass with a spintery
utility pole!
hey morons more apt (supply), less rent (demand) basic economy !!!
don't confuse more profitable, for cost effective.
being a builder in NYC is very expensive and risky.
Everybody wants a piece of the pie while some want to destroy the pie!!!
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