astoria cove

affordable housing, Astoria, housing lotteries

Known as Astoria Cove, this newly constructed 28-unit rental at 26-27 2nd Street is just a block away from the under-construction Halletts Point mega-development. The seven-building project will bring 2,400 housing units to the Astoria neighborhood, as well as a stop for the East River Ferry, a supermarket, school, and waterfront park. Six households earning 60 percent of the median income have a chance to live near all the upcoming action through the city’s affordable housing lottery that’s offering $889/month one-bedrooms and $1,001/month two-bedrooms.

Find out if you qualify

affordable housing, Astoria, New Developments

Image courtesy of STUDIO V Architecture

A 2.2 million-square-foot mixed-use development site known as Astoria Cove, on nearly nine acres along the East River in Astoria, is seeking a buyer, asking $350 million, Crain’s reports. The site hit the market in mid-March in anticipation of the reinstatement of the 421-a affordable housing tax credit program that had languished since its expiration over a year ago amid debates between the Real Estate Board of New York (REBNY) and unions on whether to require higher wages in certain cases. Alma Realty Corp. hired Cushman & Wakefield investment company to market the site; according to sales executive Bob Knakal, “We wouldn’t have hit the market with Astoria Cove in the past 16 months because of the uncertainty around 421-a, but there’s been a sense of optimism in recent weeks that 421-a will be back and with it, the land market will strengthen.”

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Real Estate Wire

Asymtope, Marvel Architects, and NV/da+O’Neill McVoy, pier 6, pier 6 housing, brooklyn bridge park apartments, brooklyn bridge park affordable housing
  • Brooklyn Bridge Park Corp. defends Pier 6 development with need for potential revenue. [Crain’s]
  • Actor Mark Ruffalo joins the fight against the NYU expansion plan. [NY Post]
  • Coney Island’s boardwalk is experiencing a renaissance, but what about the surrounding neighborhoods? [WSJ]
  • City Council approves the controversial Astoria Cove project. [NYO]
  • Upper East Side residents who oppose the waste transfer station release an attack ad. [TRD]

Images: Pier 6 (L); Coney Island (R)

Real Estate Wire

20 East End Avenue
  • Robert A.M. Stern, the architect behind 15 Central Park West, is bringing a new 17-story tower to 20 East End Avenue. The building—said to be less pricey than Stern’s others—will have 43 units starting at $4.5M. Penthouses will go for $20M. [NYT]
  • New renderings and listings appear for One John Street. [Brownstoner]
  • East New York’s rapidly rising land prices are throwing a wrench in the mayor’s affordable housing plan. [WSJ]
  • The controversial Astoria Cove project has been approved. [Crain’s]
  • SHoP will design a new 733,000-square foot mixed-use project at 360 Tenth Avenue, across from Related’s Hudson Yards. [TRD]
  • The condos at 443 Greenwich Street have finally hit the market. [Curbed]

20 East End Avenue, courtesy of 20EastEnd.com (left); Astoria Cove(right)

Real Estate Wire

15 central park west, 15 central park west apartment
  • A tower unit at 15 Central Park West has sold for nearly $10M, about three times what the owner paid for it. [NYO]
  • The Astoria Cove housing development is required to set aside 20% of its 1,700 units for lower-income residents, but the city may push for as many as 30%. [Crain’s]
  • The Fiscal Policy Institute wants the city to start taxing very expensive pied-à-terres. [TRD]
  • The B2 modular tower at the Atlantic Yards (a.k.a. Pacific Park Brooklyn) could leak says Skanska in documents to Forest City Ratner. The builder and developer are headed to court tomorrow. [Atlantic Yards Report]
  • Brooklyn-based real estate investor and lender Alliance Private Capital Group has purchased a residential development site in Williamsburg for $35M. [Crain’s]
  • A taste of the apartments at 1110 Park Avenue. [Curbed]

15 Central Park West (left); B2 Tower (right)

Real Estate Wire

15 Hudson Yards Old New, diller scott renfro
  • Diller Scofidio + Renfro gives 15 Hudson Yards gets a makeover, taking away some of its flair. [NY YIMBY]
  • 9 things you should know before buying a waterfront property in NYC. [DNA Info]
  • A map of the 1,100 affordable housing units coming to Downtown Brooklyn. [DNA Info]
  • The nation of Qatar has backed out of a $90M purchase of an Upper East Side townhouse at 19 East 64th Street. Had the deal closed, it would have been the city’s priciest commercial townhouse sale. [TRD]
  • No Walmart for Astoria Cove. An anti-Walmart coalition is demanding that the mayor keep the chain out of Queens. [NYO]
  • 190 Bowery might be up for sale for the first time in 50 years. The property has popped up on Aby Rosen’s RFR Realty, and many are wondering if artist Jay Maisel, who has lived at the property with his family since 1966, is finally looking to cash in. Maisel originally bought the building for $102K, but 2008 estimates put its value at around $50M. [Crain’s]

15 Hudson Yards (left); NYC waterfront (right)

Real Estate Wire

Ismael Leyva, 530 West 30th Street
  • First look at the Ismael Leyva-designed, Related Companies-developed condominium planned for West 30th Street between Tenth and Eleventh Avenues, a site that overlooks the High Line Park. [Curbed]
  • Jonathan Miller pinpoints two new records for NYC: The average sales price for NYC residential real estate (co-ops, condos and 1-3 family sales) reached a record $975,441 for 2Q 2014; while the average sales price for NYC residential real estate excluding Manhattan reached a record $542,216. See graphs charting the change over at Curbed. [Curbed]
  • Developers of Astoria Cove promise to create a ferry terminal to serve the new mega development. [TRD]
  • Bed-Stuy is red hot. Nine of the nabe’s top 15 residential sales in the past five years are from 2014. The highest rang in at $2.25M. [TRD]
  • Extell wants to raze one of the former Ring buildings it acquired last year. [CO]

The Ismael Leyva-designed tower at 520 West 30th Street(left); The $2.25M Bed-Stuy townhouse (right)

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