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.


(sarc) said...

There is a lot of money to be made in the "homeless" business.

IF you know the right people...

Anonymous said...

"...but in a state application for $108 million in bond financing for the deal,..."

If Related is so prosperous and profitable why should we, the citizens of this state, finance their private enterprise?

Throw the word "homeless" into any finance request and odds are you'll get city or state approval.

ron s said...

It was just a matter of time for the garages----no space that can be developed will remain without apartments. Parking will become like Brooklyn Heights. The last five years have been dramatically worse.

Anonymous said...

Over development finally making it to Vallonia.

Bet the bastards will build on the cemetery in the middle of the complex.