Thursday, October 16, 2014

Astoria megaprojects in jeopardy

From the Daily News:

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.

18 comments:

Anonymous said...

"Rents for "affordable" one-bedroom apartments in the complex could go as high as $2,700."

I thought one weeks salary should cover one's monthly rent.
4.3 weeks X $2,700 = $11,610 per momth
$11,600 X 12 = $139,320 yearly salary to remain affordable ?

Snake Plissskin said...

Is Crowley is leaning on his puppet Costa to drag more money out of the developers? Some think Alma is in the Vallone camp so its payback time to squeeze the boys for not supporting Costa.

The project will get built and the apartments will get filled with little problem: that monthly $2500 will easily be affordable for 4 or 5 restaurant workers. You will be hard pressed to get anyone else to live next to an open sewer that will regularly flood the lobbies.

The view? As they say in Appalachia "you can't eat scenery."

Anonymous said...

Why can't these politicians just say no to these mega developments because the infrastructure can't support it? Why can't they say no more development to this overcrowded city?

Anonymous said...

Why can't these politicians just say no to these mega developments because the infrastructure can't support it? Why can't they say no more development to this overcrowded city?

1. They have fallen into a vicious rat race of campaign finance and need anyone with pockets. Developers look at this expense as a cost of business, if you will, something like land acquisition.

2. A few generations of (relatively) competent government has atrophied the public's skill at keeping an incompetent government under control.

3. Most of the people in politics are at best semi-employable and qualify for something in the office bullpen at best. They tenaciously cling to this employment and will do everything possible to keep it.

So until 2 wakes up to the reality of 3, to take care of 1, we will coast along until something falls off.

Anonymous said...

so all those X shaped buildings surrounding this project aren't enough for the "affordable housing" mafia?

Anonymous said...

Im a little dazed by this article so correct me if I misunderstood it; a politician has actually pointed out the fucking obvious and realized that these `affordable' apartments dont meet the needs of actual Astorians? Which is to say of course that hes more worried about the people already living here than he is about hipsters and gentrifiers?

Anonymous said...

Atta boy, Costa....give it to them blow job hacks

ron s said...

While I always suspect motives of our local pols, he does have a point. Since when is a 2700/month apartment "affordable"?
And if all the "low rent" people pay 2700/month, what is the "regular" price?

Anonymous said...

Was Alma Realty involved with the development of that controversial 8 story medical building on 31st street?

Anonymous said...

a politician has actually pointed out the fucking obvious and realized that these `affordable' apartments dont meet the needs of actual Astorians?

Tell that to the real estate touts we get one article after another with some broker bragging about how much the rents are and how things are getting more expensive and the papers all say that is a sign that things are really 'great.'

now suddenly they get religion?

Anonymous said...

Atta boy, Costa....give it to them blow job hacks

that is if Crowley okays it.

Anonymous said...

Yes, Alma Realty financed Pali Realty's medical building on 31st Street.

See their mortgage paperwork here: https://a836-acris.nyc.gov/DS/DocumentSearch/DocumentDetail?doc_id=2012020200244002

I'm glad Costa is taking a strong stance and can only hope that supporters of affordable housing will show up at the Subcommittee on Zoning and Franchises, Land Use Committee and City Council meetings next week.

Anonymous said...

Are hedge fund traders that make billions included in this average salary calculation? Perhaps they should exclude the top 10%.

Where are all these young people making over $100K?

I thought the majority of college grads were making minimum wage?

The only people making that kind of money are city employees and they don't seem to be trendy enough for Astoria.

Hedge fund traders wouldn't be caught dead in Queens.

Anonymous said...

Marketing gimmick.

They know that it will not sell as luxury housing so they are now covering it by saying the community wants it more downscale.

Anonymous said...

This is not for one person, but 5 or 6 people.

Anonymous said...

I thought these prices were based off of some % of median rent, not the mean average?

Anonymous said...

Costa is just going through the motions...trying to look concerned. As soon as the previously mutually agreed upon give back is promised by the developers, he will cave in ...kiss their asses and give his approval. A liar on fire...that is what most pols are. Straddling both sides...constituents and developers' desires....is not an easy task. Let us have a shred of sympathy for our crooked politicians. Could any of us do better in such a demanding job?

Anonymous said...

Medical building on 31st Street... Pali Realty Owns... Party Owner = Yianni Konstantinides


Council Member Costa Constantinides. Hmmm.... relation or connection?