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New York

Astoria Cove developer reportedly shopping minority stake

Potential investors concerned that deal over affordable housing may make site less profitable

Astoria Cove rendering
Astoria Cove rendering

A member of the Astoria Cove development team is looking to sell a stake in the 1,700-unit mixed-use project on the Queens waterfront.

At least one prominent developer has been in talks to acquire an undisclosed interest in the controversial project which is being led by Alma Realty. The City Council’s Committee on Land Use approved the development on Wednesday.

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That approval came after the developer agreed to boost the affordable-housing component to 27 percent from 20 percent.

Some developers have expressed concern that projects will not be able to be financed on the open market if the city were require too much unsubsidized affordable housing, according to Crain’s. [Crain’s] — Mark Maurer

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Alma RealtyAstoria Cove