The Real Deal New York

Durst Organization buys $100M stake in Hallets Point project

One World Trade Center developer will control 90 percent of Queens development

October 01, 2014 06:10PM

From left: Douglas Durst and Hallets Point rendering

From left: Douglas Durst and Hallets Point rendering

The Durst Organization will take on its first major outer borough project after acquiring a 90 percent stake in the massive Hallets Point mixed-use development in Astoria, Queens.

The developer of One World Trade Center bought out Lincoln Properties to the tune of $100 million and will invest $1.5 billion in the 2.5 million-square-foot waterfront project, the New York Daily News reported.

The development is slated to include 2,400 rental units, retail space, a new supermarket and a public esplanade. The city also agreed to study the viability of adding ferry service to the site to quell concerns about a lack of transportation options in the area.

The development would rise near Alma Realty’s 1,700-unit mixed-use Astoria Cove  project, which won approval from City Planning Commission this week. [NYDN]Tom DiChristopher

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