Cash Boost for Astoria Boulevard Development Stalled by Rezoning
The stalled development at 28-18 Astoria Boulevard may finally see the finish line. The Real Deal reports that the developer secured a $7,500,000 construction loan from Madison Realty Capital. Once finished, the seven-story, 25,000-square-foot build will hold 28 one-bedrooms units, as well as retail and community facility space. According to TRD, the developer “started the…
The stalled development at 28-18 Astoria Boulevard may finally see the finish line. The Real Deal reports that the developer secured a $7,500,000 construction loan from Madison Realty Capital. Once finished, the seven-story, 25,000-square-foot build will hold 28 one-bedrooms units, as well as retail and community facility space. According to TRD, the developer “started the project in 2008 but construction stalled when a 2010 rezoning of 238 blocks in Astoria rendered the project unlawful.” The Board of Standards and Appeals just allowed for construction to move ahead, and work should last another 12 to 18 months.
Suspended Astoria Rentals Get Going with Cash Infusion [TRD] GMAP
The fact that you can get seven stories out of the ground and still be halted by a zoning change is deeply troubling. The neighborhood has had to deal with this eyesore for more than FOUR years! And for what?? It wasn’t going to be un-built because the zoning changed. Somebody clearly dropped the ball here, hard.