Earlier this week, the Durst Organization bought the long-awaited development site at Hallets Point, paying "well over $100 million" for a 90 percent stake in the Astoria megaproject.
The Hallets Point development has been in the works for years, and developer Lincoln Equities finally got the greenlight from the city last fall. All told, the project will have 1,921 apartments (plus 483 affordable units), spread across seven buildings. The plans also call for an esplanade, a school and retail space, including a supermarket. Interestingly, the New York City Housing Authority struck a deal that will allow the developer to build and operate two affordable buildings on the grounds of Astoria Houses, the nearby public housing complex.
The deal marks one of Durst's biggest forays into the housing market, whose reputation was built on commercial holdings.
"Times are changing," said developer Douglas Durst. "Large-scale office development opportunities are sparse and Manhattan land is cost-prohibitive to build rentals. It is time for the family to go deeper into residential and to cross the ocean to Astoria."
Meanwhile, just around the corner, the Astoria Cove residential development is awaiting city approval, with the Planning Commission expected to vote on the project in the coming days.
· "Builders Turn Focus To Housing Market" [NYT]
· All Hallets Point Coverage [Curbed]
· All Durst coverage [Curbed]