Meet Alma Realty, the developer behind 1,800-unit Astoria Cove

November 14, 2013 04:45PM

John Mavroudis, project manager at low-key Astoria Cove developer Alma Realty, will likely soon find his firm in the limelight as the massive project pushes on.

Astoria Cove will include 1,800 units of housing across four towers, a promenade with shops, restaurants, a supermarket and open space, and will join the neighboring and similarly huge Hallets Point project. The project is a logical one given the firm’s long presence in Queens, Mavroudis told Crain’s.

Astoria Cove is an idea that has been in the works with the City Planning Commission for some time, he said, and having Lincoln Equities Group’s Hallets Point next door will enable the two developments to “feed off each other.”

“When they are both done, the whole picture will be painted,” he told Crain’s.

Following the 2008 market fallout, Mavroudis said, Alma turned its attention to retail and existing buildings, then pushed to acquire several properties from 2010 to 2012. Since then, the focus has shifted back to development and construction, he said.

“It just seemed like a logical thing to go after,” he told Crain’s. “I think we’ve reached a point in our discussions where we have a very valuable project that is going to benefit all the stakeholders.” [Crain’s]Julie Strickland