From the NY Times:
The Bloomberg administration announced Wednesday morning that it had selected a development team led by Related Companies to build the first phase of a development on the Queens waterfront, which, when completed, will be the largest middle-income complex built since the 1970s.
Related, and its partners — Phipps Houses, the largest nonprofit moderately priced housing operator in the city, and Monadnock Construction, one of the largest builders of such housing — will erect two buildings at what is called Hunters Point South with 908 rental apartments, at least 685 of which will be set aside for working- and middle-class families earning $32,000 to $130,000 a year.
The entire project, which was first announced by Mayor Michael R. Bloomberg more than four years ago, will offer subsidized housing for an unusually broad swath of working- and middle-class families. The city has invested heavily in the site, by buying this once industrial stretch of waterfront where Newtown Creek enters the East River for $100 million.
The city will also build a 10-acre park and install the necessary water and sewer lines for the entire site.
Stephen M. Ross, chief executive of Related Companies, at first hoped to persuade the Real Estate Board of New York, the powerful lobbying arm of the real estate industry, to build it on a nonprofit basis. But Mr. Ross, who then headed the board, had trouble persuading his fellow developers to take it on, and the city was reluctant to turn the site over to a single entity.
Rival developers complained privately that the city was likely to favor Mr. Ross because of his close ties to the Bloomberg administration.