May 10, 2017
A bidding war may be brewing for a 8.7-acre development site on the Queens waterfront, now that lawmakers have renewed New York’s biggest tax incentive for development.
“Immediately upon adoption of the new 421-a incentive program, we witnessed a substantial uptick in investor interest in Astoria Cove,” said Robert Shapiro, executive managing director Cushman & Wakefield, which has set an initial deadline of Wednesday, June 28 for bids to acquire Astoria Cove.
The site has been approved for approximately 1.7 million square feet of residential, nearly 110,000 square feet of retail, roughly 62,250 square feet for a school, and 300,000 square feet of parking. One-quarter of the site’s projected 1,700 residential units are required to qualify as affordable housing.
The development site features 520 linear feet of waterfront shoreline with views up the East River, the RFK and Hell Gate Bridges, and across the Astoria peninsula to the Manhattan skyline.
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