Thursday, July 21, 2016
Related buying Astoria affordable housing complex
From The Real Deal:
The Related Companies is in talks to buy a 444-unit Section 8 multifamily property with development rights in Astoria for $115 million, its latest move to add to a giant affordable housing portfolio.
Related, which got its start in the 1970s buying and rehabilitating affordable housing, is negotiations with Long Island-based landlord Benjamin Properties to buy the 10-building Marine Terrace portfolio, located in the northeast corner of the Queens neighborhood.
The Stephen Ross-led firm, which is behind the Time Warner Center, Hudson Yards and 70 Vestry Street, plans to develop 53 new apartments on the Astoria site for the homeless and veterans.
Representatives for the two companies did not respond to requests for comment, but in a state application for $108 million in bond financing for the deal, Related revealed plans to invest in upgrading the apartments and adding the new units.
The state’s Housing Finance Agency plans to vote Thursday on the developer’s application.
The eight-acre development, which Benjamin constructed in the 1990s, also includes a series of garages with nearly 130 parking spaces at its northern end. Related plans to clear 100 of the spaces to make way for a pair of new rental buildings.