2 huge Astoria projects may never happen

From the Queens Tribune:

But was this really done right? No less than a week after the ground breaking of Hallets Point affordable housing, the developer said that most of the project is effectively on hold because of the expiration of the tax break known as 421-a, according to reports.

Jonathan Durst, the president of The Durst Organization, was quoted in a NY1 article saying, “We’re cleared with 421-a on the first phase, but if 421-a becomes unavailable, those remaining four or five phases won’t be built.”

The 421-a tax break creates a real estate tax break and property tax break in exchange for providing a significant amount of affordable housing.

Jordan Barowitz, vice president and director of external affairs for The Durst Organization, confirmed Durst’s statement saying that the first phase of the project is under an old 80/20 housing program, which the Housing Finance Agency offers as a tax exempt financing to multi-family rental developments in which at least 20 percent of the units are set aside for very low-income residents by using funds raised through the sale of bonds.

Barowitz explained that the project can not go through until this issue is fixed because there is currently no plan covering the next few phases.

Another affordable housing project that was supposed to be under the 421-a tax break is Astoria Cove. While there have been rumors that the Astoria Cove project is no longer in the works, Alma Realty – the developers of the project – say that the project is still moving forward and the land will continue to be used for Astoria Cove. There is still no date on when the project will be completed.

A different Hallet's Point perspective

From DNA Info:

City officials celebrated the start of construction on the Hallets Point project Thursday, hailing the future development as a means of transforming the isolated Astoria waterfront.

The development, to be built by The Durst Organization and Lincoln Equities, will bring 2,400 new apartments to the Hallets peninsula, a parcel of land on the East River south of Astoria Park that officials describe as largely cut off from the rest of the neighborhood.

The area is home to the Astoria Houses but is otherwise mainly industrial, lacking in retail options and — with the exception of a baseball field — public green space.

"A community that’s not only underutilized, but a locked waterfront," City Councilman Costa Constantinides said. "This project changes the entire paradigm here."

It certainly does.

Massive Astoria waterfront project gets underway

From DNA Info:

The massive Hallets Point development will break ground this week on the Astoria waterfront after years of planning, according to the developer behind the project.

The Durst Organization will hold a groundbreaking ceremony Thursday for the $1 billion project that will be built over the next seven years on a 7-acre parcel of land along the East River near 26th Avenue, First and Second streets.

It will have seven buildings containing more than 2,000 apartments, 20 percent of them affordable, as well as 68,000-square-feet of retail space with a supermarket, a waterfront esplanade and space for a school, according to the plans.

Will Flushing Commons finally break ground?

From Crain's:

Eight years after floating plans for a huge residential/retail project, and just weeks before a deadline for breaking ground, the developers of the $850 million Flushing Commons project in Queens filed for their first permit to actually begin the work.

The city Department of Buildings is currently reviewing the application filed by TDC Development International and The Rockefeller Group. The duo is seeking approval to spend $3.5 million to modify a portion of Municipal Lot 1, the 5.5-acre parking lot in the bustling neighborhood. That initial job will begin to lay the groundwork for the project's first phase, which includes construction of about 160 residential units and 350,000 square feet of retail or commercial space. It will also include a YMCA and park. Another 450 residential units and 150,000 square feet of retail or commercial space are slated for the second phase of the project, for which no starting date has been set.

Under their agreement with the city, the developers' first priority has to be rearranging the parking spaces in the downtown area to maintain the same parking capacity currently provided by lot, which will be demolished over time to make way for the new buildings. According to sources familiar with the project, the initial work under the permit will allow the developers to move some of the lots entrances and exits to clear the way to excavate for a new garage.

Under the contract signed between the developers and Economic Development Corp., which shepherded the project through the approval process, TDC and Rockefeller were required to break ground by Oct. 31.

Bloomberg ready to stop shoveling

From AM-NY:

It’s a dirty job, and Mayor Michael Bloomberg’s apparently tired of it.

During a ceremonial groundbreaking Thursday in Sunset Park, Brooklyn, where a developer will turn the vacant Federal Building #2 into a new industrial center, Hizzoner griped about having to shovel dirt – a mock ritual done at such events.

“I can’t wait for the last one. You have no idea,” Bloomberg reportedly said after rolling his eyes.

That makes two of us, pal.