Pistilli Realty Group - Astoria Cove is A Go

A S T O R I A C OV E I S A G OP I S T I LL I R EA LTY

• Inhabitants of Astoria, it’s about time to begin preparation for a massive building in Astoria.

• City Council decided to accept developer Alma Realty’s idea for a disputable 1,723-unit housing development on the Queens waterfront called Astoria Cove. The support was not a surprise, as the council’s land use committee accepted the plan earlier in November.

• After several months of talks , it’s been decided that the development will be constructed with union labor, and over 450 units of the nearly 2000 will affordable housing for inhabitants with a wide range of incomes.

• The Observer reported that the city of New York agreed to promise”$5 million in taxpayer money towards the construction of a new ferry dock on the peninsula,” as well as helping to “find sources for the remaining $3 million needed to help make the boat-boarding point a reality.”

• Alma Realty promised to help renovate a local park and included the construction of a grocery store and a new public school.

• City Council board members spoke positively about the proposed project, but some experts are also skeptical as to the reality of if it will be built.

• Crain’s speculates that Alma Realty might actually flip the property:

• Crain’s, though, has confirmed that a minority partner has already started seeking a buyer for its stake. While the majority partner John Mavroudis says that he intends to complete the project, he though lacks a track record on developments to put much confidence in his assurances. After all, a group won approval for Hallets Point and then sold it to deep-pocketed Durst.