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| Josh Zegen of Madison Realty Capital and the unfinished Queens rental |
A 28-unit unit rental building in Astoria delayed by a neighborhood rezoning will finally be completed, now that the developer has received a construction loan from Madison Realty Capital, principals of the commercial real estate investment firm told The Real Deal.
The seven-story, 25,000-square-foot building at 28-18 Astoria Boulevard will be comprised of only one-bedroom units and will have 2,289 square feet of retail space and a 1,189-square-foot community facility. It is being developed by local Queens developer Charalabos Bakalis.
Balakis purchased the site for $2.86 million in 2007, public records show, and filed plans for the new building shortly after. He started the project in 2008 but construction stalled when a 2010 rezoning of 238 blocks in Astoria rendered the project unlawful.
The developer needed approvals from the Board of Standards & Appeals to continue with the project as it was originally conceived. The BSA only recently signed off on the approvals, according to Bryan Rubin, a vice president at Madison.
The new building already has a foundation and a steal frame in place. Completion of the project is expected within the next 12 to 18 months, Rubin said.
Only one-bedroom units, eh? Ok. Meet, mate and move.
6 comments:
Could there be any doubt that the BSA would approve the project.
The BSA rubber stamps far too many projects. They rarely, if ever, disapprove out of compliance projects.
The BSA has too much power which it uses inappropriately.
Balakis purchased the site for $2.86 million in 2007, public records show, and filed plans for the new building shortly after. He started the project in 2008 but construction stalled when a 2010 rezoning of 238 blocks in Astoria rendered the project unlawful.
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http://www.qgazette.com/news/2010-06-02/Front_Page/Astoria_Rezoning_Gets_Nod.html
Astoria Saved My Ass.
Lets repeat this - these people from Norwood Gardens, like the rest of Astoria, are now the poster child for being duped into useless rezoning stunt by Vallone.
Don't be like them. Learn from their mistakes. If you get good advice like they did, do not ignore it.
Stupid! Stupid! Stupid!
Evolution of a modern speculative building of one bedroom units next to a subway in Astoria
2013: Hipsters meet mate and move.
2023: 5 Students, Filapina nurses per apartment.
2033: 8 Mexican dish washers, 2 Bangla families per apartment.
2043: Human barracks.
Appeals can be made within 30 days of BSA's decision but the article does not say when the decision was made. It only says recently!
Real Deal is a pro developer publication.
I always thought:
Real Deal is Meal.
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