Council member says Astoria Cove plan has housing loophole

Alma Realty receives same bonus for 700 moderate-income or 345 low-income units, pol claims

TRD New York /
Aug.August 27, 2014 04:00 PM

Queens City Council member Costa Constantinides fired off a letter to city officials last week, expressing concerns that the proposal for Astoria Cove could allow the affordable-housing component to be far from affordable.

Developer Alma Realty had agreed to designate 20 percent of the 1,723 units at the mega-development as affordable. As part of the deal, Alma is able to build a larger development.

Constantinides argued that the language in the proposal could result in two different outcomes: the creation of 345 apartments for low-income households, or the creation of 700 units for moderate-income households, according to Crain’s. Alma would receive the same development bonus if it goes the latter route instead. Constantinides said that he is concerned Alma could charge $2,600 per month for a one-bedroom rental that was designated affordable.

“We are actually pleased by the letter, since all of the concerns addressed by the council member have been or are being addressed,” Howard Weiss of law firm Davidoff Hutcher & Citron, who represents Alma, told Crain’s. “I just want to reiterate that the commitment is that the affordable housing will be for the low-income band.” [Crain’s]Mark Maurer


Related Articles

arrow_forward_ios

City, Alma Realty reach rent-stabilization deal at Crown Heights complex

Building Trades sues Alma Realty for allegedly backing out of agreement to use union labor

This ain’t 2015: Insiders say new 421a program will take time to impact market

Astoria Cove owner looking to sell site
for $350M

Alma Realty secures $55M to refi Astoria office building

Alma Realty lands $60M financing for LIC resi towers

Shaky financials may have sunk Astoria Cove, not 421a: report

Without 421a, another Astoria development put on hold

arrow_forward_ios