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Astoria Cove developers pay $43.5 million for remaining land – QNS.com

Astoria Cove developers pay $43.5 million for remaining land

Rendering courtesy of STUDIO V Architecture

Astoria Cove developers recently finalized the sale for the final bits of the land designated for the mega project, although they have yet to win any steps in the project’s land use case.

In the transaction, 2030 Astoria Developers LLC, the group behind the 2.2-million-square-foot project, bought four lots from Superior Steel Studs Inc. for $40.02 million, according to city records filed on Monday. The lots’ addresses are 8-51, 8-01, 4-55 and 4-57 26th Ave.

An additional lot on 4-34 26th Avenue was bought for $3.48 million from Rayan Realty Corp., according to city records.

The developers now own all properties associated with the project, according to Howard Weiss of Davidoff Hutcher & Citron, which represents the team of developers led by Queens-based Alma Realty.

However, the project still has to clear its Uniform Land Use Review Procedure (ULURP) case. The City Planning Commission plans to hold a meeting on Sept. 29 about its decision on the proposal. Weiss said they are confident they’ll receive the commission’s blessing.

“I believe the City Planning Commission will approve the project as proposed with respect to the affordable housing and with respect to all the [aspects] of the Astoria Cove project,” Weiss said. “The reason why I feel confident is because the Astoria Cove project is consistent with the mayor’s housing plan.”

But most opponents of the development are hoping to see a change in the affordable housing part of the proposal.

Various coalition members and residents testified against the development in a City Planning Commission public hearing in August, calling for the project to include at least 50 percent affordable housing, while developers are proposing 345 units or 20 percent of the 1,723 dwellings.

In their recommendations to deny the project, both Community Board 1 and Borough President Melinda Katz also suggested that the developers increase the units for affordable housing.

Astoria Cove is expected to 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.

Following the commission’s decision, the proposal will go to the City Council.

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