The Real Deal New York

City, developer still at odds over Astoria Cove

Number of affordable units the stumbling block
November 10, 2014 08:31AM

The 2.2 million-square-foot Astoria Cove development is at risk of being voted down by the City Council’s land use committee on Wednesday as the administration, the council and the developer have been unable to come to a consensus.

The bone of contention is the amount of affordable housing that will be included in the massive development. After the land use committee casts its vote this week, the full city council will vote on the project at the end of the month, according to the Wall Street Journal.

While most projects ultimately get approved, real estate executives and lobbyists told the newspaper that they are worried about the difficulties the Astoria Cove plan has encountered.

Council members and activists have asked for more affordable housing. Under the current proposal, 20 percent — or 345 units — of the roughly 1,700 apartments will be below-market. Local councilman Consa Constantinides as well as Council Speaker Melissa Mark-Viverito have said they won’t support the plan unless that number changes.

In turn, developer Alma Realty’s John Mavroudis has said that to provide more affordable units, subsidies will be needed, according to the newspaper.

Earlier this year, the de Blasio administration reached an agreement with Two Trees Management Co. to add more affordable units to the Domino Sugar Factory Development. [WSJ] — Claire Moses