The Durst Organization is moving forward with its Hallets Point mega-project in Astoria now that a replacement for the 421-a tax abatement for developers is in place. The newly branded Affordable New York housing program will provide tax breaks to developers in exchange for desperately needed affordable housing.
When the original program expired in January 2016, one day after Mayor Bill de Blasio helped break-ground for the $1.5 billion complex, Durst scaled back its plans for seven buildings with 2,400 units, 484 of them affordable, to just one building with 163 units. The latter amount was what had been financed before 421-a expired. With a new deal hammered out by Gov. Andrew Cuomo, The Real Estate Board of New York, and the Building and Construction Trades Council of Greater New York that expands the production of affordable housing and provides fair wages for construction workers, Hallets Point has received the green light.
“The passing of ‘Affordable New York’ allows the Hallets Point project to continue,” Durst Organization spokesman Jordan Barowitz said. “We are full steam ahead.”