Councilman Costa Constantinides said that he doesn’t support the luxury Astoria Cove project in its current form, as the project moves toward a vote that hinges on his support.
“The current proposal includes ‘affordable’ apartments that will actually be too expensive for the area and doesn’t capture what real Astorians need,” Constantinides said Wednesday. “I cannot support the proposal as it currently sits with the Council.”
Due to New York’s high average incomes, rents for "affordable" one-bedroom apartments in the complex could go as high as $2,700.
“That is an option under the existing zoning text that I find is a poision pill,” said Constantinides.
Constantinides said Alma Realty has yet to up the quotient of affordable housing in the course of their negotiations.
"We’re continuing to talk to them," he said. "There is an opportunity for us to get there."
From The Real Deal:
A real estate investor that owns the last of three pieces that the Durst Organization needs to develop a $1.5 billion project in Astoria known as Hallets Point is holding out beyond the original September closing date, casting a shadow of uncertainty over the megaproject.
In 2007, The Isaac Deutsch-led Astoria Equities 2000 signed a contract with New Jersey-based Lincoln Equities Group to sell the property, located at 1-02 26th Avenue between First and Second streets, for $7.5 million. The sale was slated to close on September 15 of this year, but is yet to close.
The dispute could delay the massive 2.5 million-square-foot project that the Douglas Durst-led Durst Organization is spearheading at Hallets Point, where it plans to develop residential towers with 2,400 market-rate and affordable units.