The first phase of the massive Hunter’s Point South project on the Long Island City waterfront will be comprised of 950 units, and Crain’s reported that all of them will be affordable.
The city, which signed on Related Companies in February to partner with Phipps houses and Monadnock Construction to build the 5,000-unit complex, had initially intended just 75 percent of the first phase apartments to be set-aside for middle- and lower-income families. Ground will break sometime next year. [more]
Stephen Ross’ Related Companies is currently in talks with nine prospective tenants for its Hudson Yards development, each seeking more than one million square feet of space. In an interview with the New York Times, Ross said he’ll be able to announce signed deals for at least 3 million of the 4.5 million square feet being developed in the project’s first phase by the year’s end. As The Real Deal previously reported, Dean Shapiro, former executive managing director at CB Richard Ellis will be leading the in-house marketing. Though Related has not secured construction lenders yet, it does have a partner on the project, the Ontario employees pension plan, which is investing $475 million. Ross said it’s among the projects he’s most proud of because it essentially creates a new neighborhood. [more]
A sandy oasis in Long Island City is being cleared out to make way for Hunters Point South, the 5,000-unit waterfront housing complex and park that the city has tapped Related Companies to build. According to the Daily News, the Water Taxi Beach, which has operated the watering hole there for the past five years, was told that it must leave, and that it could not build a new beach nearby, either. The city’s Economic Development Corp. said it’s still possible that the taxi, which also operates locations at the South Street Seaport and Governors Island, could return to Long Island City in the future. Comments
[Update: 2:04 p.m.] Mayor Michael Bloomberg unveiled renderings for the new Hunter’s Point South development in Queens this morning. The project is the largest new affordable housing complex in the city since the 1970s, according to the mayor’s office. The development is slated to include roughly 5,000 residential units, 3,000 of which will be set aside for middle-income residents. Also planned for the complex is a five-story, 1,071-seat middle and high school. TRD [more]
David Wine, the former Related Companies vice chairman who left the company in September after more than three decades, sat down with the New York Times this weekend to discuss his new venture, Oliver’s Realty Group. Named after his son, Oliver’s has just two employees (including Wine) right now, but is aggressively seeking opportunities to expand. As such, Wine has already created Trio Partnership with RAL Companies’ Robert Levine, which is currently evaluating 10 distressed deals. [more]
The city’s public and private development projects are a testament to its bright future, Mayor Michael Bloomberg said in his weekly radio address on 1010 WINS yesterday. Bloomberg praised the job-creating new NYPD College Point Police Academy, a $750 million project that he said will create 2,000 construction jobs after being on the drawing boards for more than 20 years. In Williamsburg, the vacant “30-acre eyesore” known as the Broadway Triangle is awaiting final approval from the City Council on its rezoning, which Bloomberg said will allow close to 1,900 new apartments, nearly half of which will be designated affordable. Bloomberg also cited the last piece of the West Side rail yards’ rezoning decision, expected this week, as a way for the city to preserve affordable housing options, as well as the Hunters Point South development on Queens’ East River waterfront, where construction broke ground six weeks ago. “All these projects in Brooklyn, Queens and Manhattan spell j-o-b-s for New Yorkers,” Bloomberg said. TRD
The 11-acre park planned for Long Island City’s new Hunters Point South waterfront development may come up short on natural beauty. A recently-released design reveals that the city wants to cover the park’s large lawn with artificial turf in order to minimize necessary maintenance. Real grass, Parks Department officials told community members at a recent public hearing, attracts geese and needs to be replanted on a regular basis. Nonetheless, many residents are hoping for the real thing, noting that artificial turf gets too hot to use during the summer. Additional park amenities include a water taxi at the end of Second Street that will bring commuters to Manhattan, a bike path, rehabilitated pier and a kayak launch. Community Board 2 will review the project further before the design is approved. [NYDN]
The city received 30 acres of mostly vacant waterfront property in Long Island City from the Empire State Development Corp. and the Port Authority of New York and New Jersey, on which it plans to build 5,000 units of housing. The area, called Hunter’s Point South, is expected to be the largest middle-income housing development built by the city since the 1970s. According to the city, 1,000 units will be set aside for households making 80 percent of the Housing and Urban Development income limit; 1,000 units will be for families with incomes at 130 percent of the HUD limit; and another 1,000 units will be for households at 165 percent of the HUD limit. The remaining 2,000 units will likely rent at market rate. The city still has to pay for infrastructure work and find developers interested in financing the project.
The city took possession of 30 acres of western Queens riverfront
property this month where it is creating plans to build the city’s
largest middle-income housing project since the 1970s, known as Hunters
Point South. The Port Authority of New York and New Jersey and the state’s Empire
State Development transferred the property May 20 to the city, Lisa
Willner, a spokesperson for the state development agency, said. The
transfer was in two parts, with 24 acres being transferred to a city
agency that was not immediately identified, and six acres to the city’s
Economic Development Corporation (EDC), said Andrew Brent, a spokesperson
for Mayor Michael Bloomberg. The city will take title to the EDC
properties soon, he said. Port Authority spokesperson Steve Coleman put the sales tag at $100 million for the 30 acres. [more]
