The $1.5 billion Hallets Point project broke ground last month promising Astoria a new mini-neighborhood with 2,000 apartments — 483 of them affordable — along with a supermarket, school and waterfront esplanade to rise over the next 7 years.
A day later, key pieces of the project stalled.
With the expiration of the state’s 421-a tax abatement program the day after the Hallets Point groundbreaking, the project’s developer, the Durst Organization, said it would cost too much to build.
“Without a new 421-a or a replacement program, we can't continue with the project. Nothing can be done,” Durst Organization spokesman Jordan Barowitz said. “Without the abatement, the economics for the project collapse and we couldn’t get a construction loan.”
The first building in the multi-phase project started construction before the tax abatement program expired, so that component — which will include roughly 400 units with more than 80 affordable units, as well as the supermarket — will move forward as planned, Barowitz said.
8 comments:
The Dursts were the bastards who were responsible for the old seedy Times Sauare area before it got renewed into what it is today.
And what about that Durst brother who was connected to a murder? A real Klassy family..the Dursts. Better to have a Tonny Huang scumbag type develop Hallets Cove. Big ideas...another bust. These egocentric developers seem to,be all show and no blow.
And was it the Vallone's who allowed Astoria to be screwed for so many years? Whatever happened to that (mobster?) doctor who was going to build here?
This is the first good news in this city in a while. We do not need any more development or people in the city. Though I fear the idiot mayor will try to push some deal to get this project going again.
The best thing considering all the sleaze and related lowlifes involved who will profit and the only entities that will be residing there will be unregulated piles of benjamins, maybe it's better to raze it and leave the lot barren.
So without my taxes the millionaire developers can't make enough profit ?
421A = A-Rod tax !
Now maybe all those LIC developers of co-ops, condos and apartments will have to pay taxes instead of riding the backs of other property owners.
They're strong arming the Union for 421a negotiations and both parties can go fuck themselves. Stop playing chicken with our tax dollars.
-somethingstructural
You cant make money without a 421A program, look at that january numbers for permits in the city, dropped 94%. how can someone build a project that will not be generating any income for the next say 2-5 years and be charged full tax on that project? everyone thinks that these buildings go up with ease, they run into problems along the way and also not everyone is a billion dollar developer like the Durst's what about the guy who is building 6-12 unit buildings trying to make a living??
Anon 2/22:
GFY you REBNY shill.
Permits are down because every project that would have kicked off within 4 months of December was sure to get a foundation down before 2016. Ever think of that?
-somethingstructural
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