The Real Deal New York

Developers pay $43.5M for last Astoria Cove project lots

But Alma Properties partnership still awaiting decision on land use review
September 18, 2014 01:20PM

The development partnership led by Alma Realty may not have its land use review for Astoria Cove approved just yet, but it now has all the property it needs to build the 2.2 million-square-foot Queens waterfront development.

The group has paid $43.5 million to secure the final lots that form the footprint of the Astoria project, the Queens Courier reported. Superior Steel Studs Inc. sold the developers four lots for about $40 million, while Rayan Realty Corp. parted ways with 4-34 26th Avenue for $3.4 million, according to city records cited by the newspaper.

The City Planning Commission is expected to deliver a decision on the partnership’s land use review for the six-building residential development on September 29. The plans face opposition from Astoria residents, Community Board 1 and Borough President Melinda Katz, who are pushing for more affordable units. [Queens Courrier]Tom DiChristopher