Tag Archives: Astoria Cove

Another Astoria waterfront warehouse for sale, likely to become condos


| lguerre@queenscourier.com

Photo courtesy of Massey Knakal

The owner of another Astoria waterfront site with potential for a large development could sell the property for four times its last selling price as the neighborhood continues its hot streak.

The property at 30-55 Vernon Blvd., which Eastone 26 Ave LLC bought for $8.2 million last year, is now up for sale again and there have been offers of around $35 million, said Stephen Preuss of real estate firm Massey Knakal, which is marketing the site.

At that price, the property would trade for nearly $230 per buildable square foot, which would rank among the top land prices in Astoria. This would mean that prospective owners would most likely focus on a residential development to cover the purchase price and maximize profits, Preuss said.

Currently, a warehouse and parking lot occupy the 37,116-square-foot site, enough to erect a structure with 140,665 buildable square feet.

If air rights from the adjacent residential properties were purchased or a rezoning occurred, the property could have up to 220,000 buildable square feet, Preuss said.

Photo courtesy of Scott Bintner/PropertyShark

30-55 Vernon Blvd. Photo courtesy of Scott Bintner/PropertyShark

Preuss imagined the best use for the site would be a mixed-use development with ground-floor retail, an office or event space on the second floor, and condos on the remaining floors.

“This area is quickly emerging, and the site holds immediate value with its waterfront location along with the benefit of several local mega-projects underway,” Preuss said.

The Astoria waterfront has been scorching hot recently with planned projects like the enormous Astoria Cove, which received the green light from the City Council last month, and the Durst Organization’s Hallets Point project.

Rendering courtesy of 2030 Astoria Developers

Astoria Cove. Rendering courtesy of 2030 Astoria Developers

In addition to those projects, construction is planned next year for a glassy 77-condo building by developer New York Lions Group not far from the waterfront.

Also, in October, developer Shibber Khan paid $57 million for a waterfront site at 11-12 30th Dr., which has 460,000 buildable square feet. It is located just a block south of the Eastone 26 Ave LLC property.

Rendering courtesy of New York Lions Group

Rendering courtesy of New York Lions Group

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City Council passes Astoria Cove development project


| lguerre@queenscourier.com

Rendering courtesy of STUDIO V Architecture

The City Council voted overwhelmingly to approve the Astoria Cove mega development on Tuesday, clearing the way for the major land use project.

The project now goes to Mayor Bill de Blasio for his likely approval. He has already praised the project after concessions were made by the developer to boost the amount of affordable housing included. He has five days to either sign or veto the measure.

Earlier in the month, Astoria Cove developers delayed the City Council Land Use Committee vote to strike a last-minute deal with elected officials concerned about having enough affordable housing in order to win committee support for the project.

Now more than 460 units of the 1,723 total apartments throughout the 2.2-million-square-foot project on the Astoria waterfront will be affordable housing.

Developers also agreed to hire union labor for construction and building maintenance jobs associated with the project, and commit to building a ferry dock.

“This agreement shows what we can achieve when the private and public sectors work together,” Astoria Councilman Costa Constantinides said. “This agreement provides real benefits to the neighborhood and will help further link our booming communities along the East River.”

Astoria Cove will consist of five buildings, three on the waterfront ranging from 26 to 32 stories and two on the upland portion of the site, including a six-story residential building.

The project, which is anticipated to take more than 10 years to complete in four different phases, will also include about 84,000 square feet of publicly accessible open space, a school and some retail.

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Broker of the Week: Swain Weiner, Greiner-Maltz Investment Properties


| lguerre@queenscourier.com

Photo courtesy of Greiner Maltz Investment Properties 

Swain Weiner is president, partner and founder of Greiner-Maltz Investment Properties, which specializes in all types of commercial investment sales throughout the five boroughs and Long Island. Before Greiner-Maltz, Weiner sold more than $215,000,000 in aggregate sales with more than 1,300 residential units. Weiner also serves as vice president of the Astoria Kiwanis, a board member of the Astoria Civic Association and Central Astoria LDC, a member of the LIC Partnership, a board member of Queens Symphony and past president of the Sunnyside Chamber of Commerce. He sat down with Real Estate Editor Liam La Guerre to talk about the Queens market.  

La Guerre: Right now the Queens market is hot in certain areas. Do you think owners should sell property now before land prices fall?

Weiner: I kind of think we are reaching the top of the cycle now. A lot of properties are even higher than they were pre-2007 when the market was at its strongest point. The question I think owners have to ask themselves is how much more do they think they can make versus how much they can lose if there is a correction. If the loss is greater than the gain, then they should sell.

La Guerre: And many are. But owners of many manufacturing sites and buildings in Queens are selling their properties for huge numbers to residential developers, who are looking to maximize profits. But people have said this is damaging an industry here. What do you think?

Weiner: The problem is those opportunities for business in the United States have left. They are being outmaneuvered by foreign trade. If you rezone those neighborhoods back for factories then there’ll have to be tax incentives as well. And if there isn’t then I think it’s just window dressing. I’m not saying to blow everybody up because of residential development. I think a balance between those two will be totally interesting. But how do you get those guys to stay when you’ve got 10 years left to work and you’re getting money now to walk away from the land? So I think it would be great to keep, but I don’t see how the economics come into play.

La Guerre: What Queens projects are you looking forward to and why?

Weiner: I’m really happy about the Astoria Cove project. I think that’s going to really put Astoria on the map. The other project that I really like a lot is the Willets Point transformation. I think that’s going to be a major help in bringing Corona to a higher level and also to unite Flushing and Corona together. I think that’s going to open up that part of Queens, because Corona has been lagging behind in comparison to Flushing. Then what I think will happen is Jackson Heights will start to feel the overflow and Elmhurst will take some of the overflow and East Elmhurst will feel it also.

La Guerre: But doesn’t the Willets Point project still have lots of opposition?

Weiner: There are some eminent domain issues with it, but the city will work through that stuff.

La Guerre: What is one thing that you would you like to see happen going forward?

Weiner: Generally, people that invest in real estate are kind of juxtaposed to the stock market. At a certain point many people that have owned properties for a number of years, and either their kids don’t want them or they don’t want to deal with it anymore, they would like to see and take the money out. But they can’t because by the time the accountant advises them, they are looking at a 35 percent tax liability and basically all of their hard work is going to the government. So I think if there was a relaxation on some of that, you could possibly see more sales.

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Astoria Cove wins City Council committee support after last minute deal


| lguerre@queenscourier.com

Rendering courtesy of STUDIO V Architecture

Astoria Cove developers delayed the City Council Land Use Committee vote on Wednesday to strike a last minute deal with politicians and win approval for the project.

Based on the agreement, the number of below-market rate housing in the development will increase to 27 percent from 20 percent. About 468 units of the 1,723 total apartments throughout the 2.2 million square foot project on the Astoria waterfront will be deemed affordable.

Developers also agreed to hire union labor for construction and building maintenance jobs associated with the project, and commit to building a ferry dock.

Councilman Costa Constantinides, who promised to fight for more affordable housing units, fully embraced the project following the deal.

“The agreement will help transform Astoria for the better,” Constantinides said. “For the first time in city history, this developer will be required by law to provide permanently affordable housing that is within the reach of Astorians.”

The project still has to go through a full City Council vote on Nov. 25.

In addition to the Land Use Committee giving its approval, Borough President Melinda Katz has also had a change of heart due to the negotiations.

“The modified Astoria Cove proposal is consistent with Queens’ commitment to responsible development and is now closer to par with many of our chief concerns, namely housing, transit options and skilled labor,” Katz said in a statement. “Once built, this project will become a landmark accomplishment that we can be proud of here in the Borough of Queens.”

Astoria Cove will consist of five buildings, three on the waterfront ranging from 26 to 32 stories and two on the upland portion of the site, including a six-story residential building.

The project, which is anticipated to take more than 10 years to complete in four different phases, will also include about 84,000 square feet of publicly accessible open space, a school and some retail.

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Real estate roundup: Astoria Cove developer may increase number of affordable housing units ahead of City Council vote, new hotel for Ridgewood


| lguerre@queenscourier.com

Rendering courtesy of Studio V Architecture 

Astoria Cove site developer comes to labor union agreement for project’s construction 

“The Astoria Cove site developers, Alma Realty, have agreed to use union labor for construction, building maintenance and security on the mega-project, a source told The News. It’s also expected that the developers will agree to increase the number of units of affordable housing in the project.” Read more [The New York Daily News]

New hotels for Ridgewood?

“New Jersey A/E firm Jarmel Kizel posted on social media that they are designing a new mixed-use project for the site, with hotel, retail, and multifamily occupancy.” Read more [Wyckoff Heights]

Top 5 home sales in Brooklyn, Queens in October

“In Queens, a two-bedroom condo at the View at East Coast on the Hunter’s Point waterfront was the borough’s priciest residential sale recorded in October, PropertyShark data showed. The fifth-floor unit at 46-30 Center Boulevard sold for $2.5 million. It features two bathrooms and totals 1,443 square feet.” Read more [The Real Deal]

Station LIC on Track to open November 17

“The railroad-themed bar/restaurant that is coming to Hunters Point is on track to open next week. Station LIC, located at 10-37 Jackson Avenue, will be opening on Monday, Nov. 17, according to its owners.” Read more [LIC Post]

 

Real estate roundup: 1,789-unit, three-tower project planned for LIC, Astoria Cove developers to hire union labor


By Queens Courier Staff | editorial@queenscourier.com

Photo courtesy of Scott Bintner

1,789-Unit, Three-Tower Tishman Speyer Project in Long Island City

“Now, permits have been filed for the mega-development, and it’s gotten a bit bigger: 1,789 apartments will now be included across the complex, which takes up two blocks bounded by Jackson Avenue, Orchard Street, Sunnyside Yards, and Queens Boulevard.” Read more [New York YIMBY]

Astoria Cove developers agree to hire union labor

The City Council and the developers of Astoria Cove have reached a tentative agreement to hire union workers for the construction phase of the Queens waterfront residential and commercial redevelopment project.” Read more [Capital]

Progress stalled at 27-05 41st Avenue

“When we stopped by last week, we noticed that little to nothing had changed since QBS’ last visit. ETA on the “six-story, 44-unit mixed-use building with 30,041 square feet of residential space and 6,970 square feet of commercial space” was originally at the end of this year, but obviously the developers won’t reach that goal.” Read more [The Court Square Blog]

George Xu aims to bring another hotel to Flushing

“The owners of the Century Development Group Corporation applied for permits to construct a 214,000-square-foot mixed use building at 137-45 Northern Boulevard, the location of a Great Wall Supermarket.” Read more [The Real Deal] 

Real estate roundup: City and Astoria Cove developers at odds ahead of Council vote


By Queens Courier Staff | editorial@queenscourier.com

Rendering courtesy of STUDIO V Architecture

Old Politics Hamper City’s New Approach on Affordable Housing

“The 2.2-million-square-foot project is at risk of being voted down by the City Council’s land-use committee, which must vote by Wednesday on it, according to City Council officials and the developer. The full council is expected to follow the committee’s lead.” Read more [The Wall Street Journal]

Residents told to repay aid funds given to them two years ago

“The disabled, elderly and mostly poor residents of an assisted-living center in Queens spent four miserable months in shelters after Hurricane Sandy, and now they’re getting hammered again — by the federal government.” Read more [The New York Post]

Quiet Island, With Change Coming

“When Yarin and Talia Katz first came to the United States from Israel, they spent a year sampling various parts of New York City and New Jersey with monthly rentals. In 2011, when they were ready to settle down, Mr. Katz said, ‘We pretty much knew we wanted to move to Roosevelt Island.’” Read more [The New York Times]

 

 

Real estate roundup: Residential support for Astoria Cove, Saving murals for Cornell’s Roosevelt Island tech campus


By Queens Courier Staff | editorial@queenscourier.com

Rendering courtesy of STUDIO V Architecture

NYCHA residents wants Astoria Cove

“There has been a lot of debate about this 1.7 million square-foot waterfront development. We’ve heard opinions coming from The Bronx, Brooklyn and Manhattan — but take it from neighbors who live down the street in the NYCHA Astoria Houses, one for the past 61 years and the other for 60 years: This project can help move our community in the right direction.” Read more [The New York Post]

At Future Cornell Campus, the First Step in Restoring Murals Is Finding Them

“Cornell University and its conservators faced a lot of challenges rescuing three rare 7-by-50-foot murals from the Goldwater Memorial Hospital on Roosevelt Island. The first challenge was finding two of them.” Read more [New York Times]

Douglas Durst Talks Queens, Midtown and WTC

“While the Durst Organization was known for developing Manhattan commercial spaces — Seymour Durst once said he “would never buy anything he couldn’t walk to” from his Manhattan office — Mr. Durst has become a residential developer of late, with two Manhattan rental projects nearing completion and negotiations underway to build a massive mixed-use project in Hallets Point, Queens.” Read more [Commercial Observer]

Radiology Center Opens in Long-Vacant Northern Boulevard Building

“Main Street Radiology at 72-06 Northern Blvd. opened with limited services on Oct. 6, but has since expanded its offerings — modern ultrasounds, mammograms and stress tests, according to assistant director Todd DiLeonardo.” Read more [DNAinfo]

Real estate roundup: 15-story LIC hotel planned, more Queensboro Hill row house conversions


By Queens Courier Staff | editorial@queenscourier.com

THE COURIER/Photo by Liam La Guerre

Queensboro Hill nightmare continues

“In less than one year, a third oversized house is now being built on 56th Road in Queensboro Hill.” Read more [Queens Crap]

Permits for 15-Story Hotel at 41-32 27th Street in Long Island City 

“An LLC has filed applications to precede construction of a 15-story and 46-room hotel of 34,409 square feet at 41-32 27th Street, in Long Island City; an existing two-story structure was approved for demolition in September, and Arc Architecture + Design Studio is designing.” Read more [New York YIMBY]

These key players will decide the fate of Astoria Cove

“The mixed-use 2.2 million-square-foot megaproject known as Astoria Cove is widely seen as the first test of Mayor Bill de Blasio’s mandatory inclusionary zoning program. The proposal by a consortium of developers led by Alma Realty includes 345 affordable units (or 20 percent of the roughly 1,700 units), a number that affordable housing advocates and elected officials have said is too low.” Read more [The Real Deal]

In Astoria, Queens, a Youth Movement, With Souvlaki

“It can take a while for some people to get acquainted with the quieter, lower-slung section of Astoria, Queens, called Ditmars by its residents and sometimes referred to as Ditmars-Steinway by real estate agents.” Read more [The New York Times]

Astoria waterfront property sells for $57M


| lguerre@queenscourier.com

Photo courtesy of Scott Bintner/PropertyShark 

Astoria’s waterfront may get even more crowded.

Real estate investor and developer Shibber Khan bought a plot of land at 11-12 30th Dr., which has up to 460,000 buildable square feet, for $57 million, according to a published report. Vernon Realty Associates is the seller.

Currently, a one-story warehouse occupied by Bohea Associates sits on the land, but the property can have residential buildings of up to 10 stories, Crain’s reported.

The sale comes as a team of developers led by Alma Realty is trying to get approvals from the city for its Astoria Cove project and the Durst Organization paid $100 million to take over the Hallets Point development.

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Council member slams Astoria Cove project in hearing


| lguerre@queenscourier.com

Rendering courtesy of STUDIO V Architecture

A member of the City Council’s Subcommittee on Zoning and Franchises called the affordable housing portion of the Astoria Cove project “a joke.”

Councilman Antonio Reynoso joined the choir of critics against the affordable housing portion of the mega development in the council’s public hearing on Monday.

Other public officials such as Astoria Councilman Costa Constatinides and Public Advocate Letitia James also emphasized that the proposed units for low-income residents aren’t enough.

Representatives for the team of developers on the project have boasted that the project is leading the way in affordable housing with a proposed 20 percent or 345 units of the 1,723 dwellings put aside for low-income residents.

But Reynoso, referencing former Mayor Michael Bloomberg’s voluntary 80/20 program, in which 20 percent of units in new developments are reserved for affordable housing in return for benefits, told Astoria Cove project representatives, “What you’re doing is not unprecedented in any way, shape or form; 80/20 without subsidies is a joke. That’s the old standard.”

Reynoso also said that the rates for affordable housing units should be adjusted to better fit Astoria residents, which Constantinides has also previously said.

The team of representatives for 2030 Astoria Developers, the group behind the project, couldn’t answer Reynoso’s question about the average income of residents in Community Board 1, who will have preference to the affordable housing units.

“You guys said that you’ve been working with the community for four years, working very closely with the entire community for four years and you can’t tell me how much Astoria residents make in a year,” Reynoso said. “That’s not four years of work.”

Reynoso also asked how the size of the units in the affordable housing sections compare with the size of Astoria families, many of which need two- or three-bedroom apartments. Again, the representatives couldn’t respond.

“When one master-plans the development, especially of this size, one never plans the unit-mix breakdown at this stage,” a representative said at the hearing. “It’s never part of the planning process.”

Reynoso said he will not vote for the project’s current proposal, and said, “There is no chance this is going to move through.”

Numerous affordable housing supporters in the audience waved their hands whenever increasing the ratio of low-income units was mentioned.

Advocates in support of union jobs and residents from other properties of Alma Realty, which is involved in the project, were also at the meeting to speak out against the firm.

Among those speaking in favor of the project was Jack Friedman, the executive director of the Queens Chamber of Commerce.

“The Queens Chamber of Commerce believes this project is and will be a great addition for our borough and for Astoria,” Friedman said. “We wholeheartedly endorse and support the project and the many advantages it will present for the local community for generations to come.”

Despite the level of opposition to the current proposal of the project, the City Planning Commission gave its approval last month. Constantinides has pledged to get more affordable housing before the City Council votes.

“As the process moves toward our November vote, we will work with the developer to provide ample affordable housing, good jobs both during and after the construction process, and dramatically increase public transportation options on and off of the peninsula,” he said.

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Real estate roundup: Transformation of Jamaica, Brooklyn residents join Astoria Cove protests


By Queens Courier Staff | editorial@queenscourier.com

THE COURIER/Photo by Liam La Guerre 

Luxury Residence Among Buildings Changing the Face of Jamaica

Jamaica, once an overlooked and crime-ridden area in Southeast Queens, has been undergoing a transformation into a vibrant neighborhood, with a slew of new upscale apartment buildings, hotels and stores.” Read more [DNAinfo]

Battered bulkheads and seawall spell danger for some Rockaway residents

“Jamaica Bay’s crumbling seawalls are putting some Queens residents in jeopardy of flooding. City Councilman Donovan Richards and other officials called on the city to repair Hurricane Sandy-damaged bulkheads in order to protect Arverne streets and homes from the bay’s deluge.” Read more [New York Daily News]

Protesters Link a Queens Project to Brooklyn Rents

“Negotiations over the fate of Astoria Cove, the first new city development to opt into Mayor Bill de Blasio’s affordable housing program, have attracted no shortage of advocates and critics hoping to influence the process.” Read more [New York Times]

Borough Keeping Buildings Department Busy

“It seems that Queens continues to keep the city Department of Buildings very busy. That was the story Tuesday night at the Community Board 9 meeting as DOB officials detailed how active the borough is with complaints, inspections and penalties.” Read more [The Forum]

 

 

Astoria Cove criticizers hosting another City Hall rally ahead of Council meeting


| lguerre@queenscourier.com

Rendering courtesy of STUDIO V Architecture

Opposition to the Astoria Cove development isn’t going down without a fight as a City Council meeting for the project draws near.

Build Up NYC, which advocates for building service workers union 32BJ, is hosting a rally against the development outside City Hall on Wednesday at 4 p.m.

Hundreds of construction and building maintenance workers and Astoria residents are expected to turn out, hoping to urge the Council to vote against the land-use application for the project as it currently stands.

The Council is set to hold a review session on the project on Monday, Oct. 20, in the Subcommittee on Zoning and Franchises.

The advocacy organization believes the plan does not offer enough affordable housing and is also fighting for more jobs for unionized workers. The project calls for 345 units or 20 percent of the 1,723 dwellings to be affordable housing.

Despite Community Board 2 and Borough President Melinda Katz also opposing the project because of the lack of affordable housing, the City Planning Commission gave the project the green light last month with a majority vote.

Councilman Costa Constantinides reportedly agrees the project needs more affordable housing and that some of the low-income apartments are too expensive.

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Real estate roundup: Advocates urge City Council to scrutinize Astoria Cove, USTA files for new tennis stadium


By Queens Courier Staff | editorial@queenscourier.com

Rendering courtesy of STUDIO V Architecture

Council members urged to scrutinize Astoria Cove deal

“Advocates are urging City Council members to reject the proposed Astoria Cove housing development in Queens unless the developer increases the amount of affordable housing.

“The 1700-apartment project was approved by the City Planning Commission last week and now goes to the Council, which is likely to demand changes before approving it. So far, the developer, Alma Realty, has promised that 20% of the units will be affordable.” Read more [New York Daily News]

Renderings courtesy of the United States Tennis Association

Rendering courtesy of the United States Tennis Association

USTA files for new 25,000 SF stadium

“The USTA National Tennis Center has filed applications for a double-deck and nearly 25,000 square-foot tennis stadium at 121-22 Roosevelt Avenue, in Flushing Meadows; Rossetti is designing.” Read more [New York YIMBY]

Ramen restaurant to open on Vernon Blvd

“The owner of an Astoria ramen restaurant is opening a location on Vernon Boulevard. The restaurant, which is expected to be called Tamashii Blue, will be located 47-36 Vernon Boulevard.” Read more [LIC Post]

Landlord forces three Greenpoint Avenue stores to close, property’s future is uncertain

“The face of Greenpoint Avenue—between 47th and 48th Streets—is going to change as three long-time stores are closing. King Boulevard, SSS Video and Azteca Restaurant have all been notified that they have to leave—as the owner of the property is selling it.” Read more [Sunnyside Post]

Astoria Cove gets green light from City Planning Commission


| lguerre@queenscourier.com

Rendering courtesy of STUDIO V Architecture

Despite opposition from residents, the community board and Borough President Melinda Katz, the Astoria Cove development won over the City Planning Commission.

The 2.2-million-square-foot project along the Astoria waterfront cleared a major hurdle Monday as the commission voted to approve its land-use application despite the push back from community members with a majority vote of 10 yes, two abstentions and one partial no.

“We are pleased by the outcome. And we are looking forward to working with Councilman Constantinides and the City Council and going forward with the process,” said Howard Weiss of Davidoff Hutcher & Citron, which represents 2030 Astoria Developers, the team behind the project. “This project heralds a new era in affordable housing. It’s a great step forward in terms of the mayor’s 10-year housing plan.”

The partial no-vote centered on claims of insufficiency of affordable housing in the application. Community Board 2, Katz and others that opposed the project also called for more affordable housing to be included in the buildings, while developers are proposing 345 units or 20 percent of the 1,723 dwellings.

Members of the building services union 32BJ were displeased by the result and pledged to fight at the City Council level for more affordable housing and unionized jobs.

“Alma Realty should not be granted permission to develop Astoria Cove until they commit to responsible development,” said Lenore Friedlaender, executive director of Build Up NYC, a coalition of organizations that includes 32BJ. “We will continue to fight for the good jobs and affordable housing working families in Astoria need to grow and strengthen the middle class, and we look forward to engaging the entire City Council to make sure this gets done right.”

Astoria Cove will consist of five buildings, three on the waterfront ranging from 26 to 32 stories and two on the upland portion of the site, including a six-story residential building.

The project, which is expected to take more than 10 years to complete in four different phases, will also include about 84,000 square feet of publicly accessible open space.

Recently 2030 Astoria Developers purchased the remaining land needed for the project for more than $43 million.

The City Council has 50 days to vote on the application, and affordable housing will be one of the main subjects reviewed.

“While the new housing stock is sorely needed, the development must work for all Astorians,” Constantinides said. “When the project comes before the City Council, we will work with the developer and focus on providing ample affordable housing, dramatically increasing public transportation capacity on and off of the peninsula, and keeping the development within the fabric of the community.”

 

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