The Real Deal New York

In latest deal, Astoria Cove to get more affordable housing

Alma Realty agrees to hike the amount of below-market-rate units to 25 percent

November 12, 2014 09:00AM

Rendering of Astoria Cove (credit: Studio V Architecture) and Costa Constantinides

Councilman Costa Constantinide and rendering of Astoria Cove (credit: Studio V Architecture)

Alma Realty, the lead developer of the massive mixed-use Astoria Cove redevelopment, agreed to up the share of affordable units in the complex from 20 percent to 25 percent.

The developer and city council members struck the deal during negotiations on Tuesday night, according to Capital New York. The council’s land use committee is expected to vote on the project today.

On Monday, the developer also promised to use union labor for the construction of Astoria Cove.

Local councilman Costa Constantinides reportedly pressed the developer to make 30 percent of the roughly 1,700 new units affordable, the website reported.

The full city council will vote on the project, the first under Mayor Bill de Blasio’s mandatory inclusionary housing program, at the end of the month. [Capital NY] — Claire Moses

  • MurraryMises

    So a few lucky “low income” people are going to win a lottery and live in a brand new building on the cheap. That seems really fair for everybody else. Brilliant social engineering folks. Job well done.

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