Less Affordable Units Planned for Astoria Cove
Alma Realty filed plans with the city last month for its massive Astoria Cove development, and the actual number of affordable units planned is less than what was promised. The Daily News reports that Alma Realty promised a minimum of 340 units of affordable housing over five buildings at this mega development — in the…
Alma Realty filed plans with the city last month for its massive Astoria Cove development, and the actual number of affordable units planned is less than what was promised. The Daily News reports that Alma Realty promised a minimum of 340 units of affordable housing over five buildings at this mega development — in the application, that number is 295. And according to the News, “Housing advocates worry that the reduced number could float under the radar when a city review begins this month to rezone a handful of prime waterfront blocks from industrial to residential.”
The land use lawyer working for Alma Realty argues that development plans were formed under pro-development Mayor Bloomberg, and should not adhere to Mayor de Blasio’s promise to preserve affordable housing. Alma Realty also argues that the new number of affordable units still meets the 20 percent required to receive city incentives. As for the city, an official from the Planning Department tells the News that they will “do their best to ensure that a ‘significant portion’ of the housing in Astoria Cove is set aside as affordable.”
Planners Drop 45 Affordable Units from Astoria Cove Development [NY Daily News]
All Astoria Cove coverage [Q’Stoner]
Based on the NYDN article, they’re actually not claiming the number of units still meets the 20% threshold, but that they meet 20% based on the residential square footage. Unless they’ve dropped from the 1,700 total units mentioned here – http://queensnyctest2.wpengine.com/2013/11/alma-realty-talks-astoria-cove-plans/ – 340 would just be at 20% by number. How are the 20% incentives usually calculated, by unit or by footage, and which one was used in their original agreement with the city?