Without 421a, another Astoria development put on hold

Developer John Mavroudis says 1,700-unit project was planned with tax break

TRD New York /
Jul.July 14, 2016 01:09 PM

Absence makes the heart grow fonder, or in the case of 421a, it puts massive development projects on hold.

The Astoria Cove development, an affordable housing project planned for the Hallets Peninsula in Queens, can’t move forward without the defunct property tax break, project manager John Mavroudis told DNAinfo. Plans for the development called for 1,700 units, 27 percent of which would be affordable.

“Projects like this were conceived with the 421a in mind,” said Mavroudis, whose firm Alma Realty Corp. is the lead developer of the project. “We rely on its reauthorization in order to move ahead.”

Alma Realty TRData LogoTINY bought the site in 2011 for $21.5 million.

The project joins another development stalled by 421a’s absence. In February, the Durst Organization shelved its 2,000-unit Hallets Point complex, saying that project costs were two high without the abatement.

The impact of the abatement’s lapse can be seen in other way throughout the city. A recent analysis by The Real Deal showed that city officials only approved the start of construction on 2,714 new apartment buildings in June this year, compared to 20,724 approved at the same time last year.

Attempts to revive the tax break failed before the legislative session came to a close in June. A proposed replacement program, 421aa, didn’t make it past the State Senate Rules Committee. [DNAinfo] Kathryn Brenzel


Related Articles

arrow_forward_ios

City Council launches probe into city pulling funding for Durst’s Halletts Point project

After de Blasio-Durst feud, city pulled funding for Hallets Point building

What’s behind NYC’s literal sidewalk sales?

Douglas Durst on how to build “a new neighborhood” in an unfamiliar land … Queens

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

Brooklyn Harvest Market signs on at Durst’s Halletts Point

Durst Organization files plans for 652 units at Hallets Point complex

arrow_forward_ios