The Related Companies have purchased two, nearly century-old residences in Astoria and Long Island City, with the intent to preserve the properties.
According to Department of Finance documents, Related bought 36-05 Vernon Blvd. for $3.4 million, and 5-16 47th Rd. for $3.1 million, from Silvershore Properties in July. Both are four-story, eight-unit buildings constructed in the '30s, per the DOF.
According to Related, the buildings will be preserved as “workforce housing.” Specifically, they will not be converted into luxury units, the spokesperson said.
6 comments:
Promises don't mean much these days.....
Potential SRO. If it is a property that will be used specifically for a required "workforce" the developer will bill themselves separately for $$$ as an expense, makes sense.
Transfer of air rights which what that nifty team is doing in LIC after the Clock Tower Building jumped the Landmarks line over Queens resident's wishes.
Can you say new homeless shelter?????
or section eight
Guaranteed city check every month - And you pay for it - ROTFLMFAO
someone mentioned SRO's. with the number of young creative professionals out there, i am curious to see if affordable SRO's will make a comeback. gone are the days of soho artist lofts and the chelsea hotel. writers and editors need a place to live with under 8 roommates where they can be on independent leases. i've long felt that the model flats would make for excellent conversions because you could flank bedrooms on the front and back with bathrooms and common areas in the middle.
-somethingstructural
I'll believe it when I finally see it!
Isn't this Van Bramer's district?
Back door Jimmy will be selling you out like he has in the last regarding this, for sure.
He wants to become mayor some day.
He will continue to play back door politics and backstab his constituents for his advancement.
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