The Durst Organization is moving forward with its seven-building megaproject on the Astoria waterfront following the passing of Affordable New York, the state’s replacement for the 421-a tax abatement. The $1.5 billion project, called Hallets Point, is poised to bring seven buildings and 2,400 apartments, 484 of which will be affordable, to the neighborhood.
“The passing of Affordable New York allows the Hallets Point project to continue,” Durst Organization spokesman Jordan Barowitz told the Times Ledger. “We are full steam ahead.”
The project became ensnared a day after its groundbreaking in January 2016, when the program that provided tax breaks for developers who commit to building affordable housing lapsed. At the time, just one of the seven buildings had been financed. Durst moved forward with that 163-apartment building, but put plans on ice for the larger Hallets Cove development. “Without the abatement, the economics for the project collapse,” a representative for the Durst Organization said in January 2016.
The development is poised to bring a supermarket, a waterfront park, and a school to the area. Dattner Architects is working on the design, and the entire project is expected to span more than 2 million square feet.