Queens West South, how you confound us! Last October, the city announced that the 24-acre site that was to be the bizarre Olympic Village (above) would become a middle-income housing fortress. The city has yet to close on that deal with the Port Authority, and now the Times today runs with the story that Related Companies boss Stephen Ross wants the land transferred over to the Real Estate Board of New York (which he chairs) so that REBNY can build the 5,000 apartments. Ross would form a nonprofit corporate arm of REBNY to oversee the project.
Needless to say, some people have issues with this idea. When the original middle-income plan was announced, it was said that 100% of the units would be subsidized. Now the city is hinting that 40% of the apartments may go for market-rate values. Someone's gotta pay for this, right? Then there's the LICers, who say they have been completely locked out of the discussion. And let's not forget that Ross has to sway other developers into buying into his vision, one in which they won't make any money. Again?one in which they won't make any money. Godspeed, Stephen Ross.
· Plan for Middle-Class Homes on Queens Bank of East River Prompts Ideas and Protest [Curbed]
· Queens West South Plans Changing [QueensWest]
· Lament for What Might Have Been, LIC Edition [Curbed]