The Real Deal New York

Durst Organization buys $100M stake in Hallets Point project

One World Trade Center developer will control 90 percent of Queens development

The Durst Organization will take on its first major outer borough project after acquiring a 90 percent stake in the massive Hallets Point mixed-use development in Astoria, Queens.

The developer of One World Trade Center bought out Lincoln Properties to the tune of $100 million and will invest $1.5 billion in the 2.5 million-square-foot waterfront project, the New York Daily News reported.

The development is slated to include 2,400 rental units, retail space, a new supermarket and a public esplanade. The city also agreed to study the viability of adding ferry service to the site to quell concerns about a lack of transportation options in the area.

The development would rise near Alma Realty’s 1,700-unit mixed-use Astoria Cove  project, which won approval from City Planning Commission this week. [NYDN]Tom DiChristopher