Pistilli Realty Astoria Cove is A Go
Inhabitants of Astoria, it’s about time to begin preparation for a massive building in Astoria. • City Council decided to accept developer Alma Realty’s idea for a disputable 1,723-unit housing development on the Queens waterfront called Astoria Cove. The support was not a surprise, as the council’s land use committee accepted the plan earlier in November. • After several months of talks , it’s been decided that the development will be constructed with union labor, and over 450 units of the nearly 2000 will affordable housing for inhabitants with a wide range of incomes.
The Observer reported that the city of New York agreed to promise”$5 million in taxpayer money towards the construction of a new ferry dock on the peninsula,” as well as helping to “find sources for the remaining $3 million needed to help make the boat-boarding point a reality.” • Alma Realty promised to help renovate a local park and included the construction of a grocery store and a new public school. • City Council board members spoke positively about the proposed project, but some experts are also skeptical as to the reality of if it will be built.
Crain’s speculates that Alma Realty might actually flip the property: • Crain’s, though, has confirmed that a minority partner has already started seeking a buyer for its stake. While the majority partner John Mavroudis says that he intends to complete the project, he though lacks a track record on developments to put much confidence in his assurances. After all, a group won approval for Hallets Point and then sold it to deep-pocketed Durst.