July 25, 2016
Astoria Cove, a 2.2-milliion-square-foot waterfront housing development in New York City’s Astoria neighborhood, has hit a financing roadblock. The project, of which 27% of the planned 1,723 apartments would be offered at less-than-market rent, has been a difficult sell to lenders for builder Alma Realty. The project’s status was disappointing to New York City Mayor Bill de Blasio, who believed Astoria Cove could be a “game changer.”
A developer who had been following the project indicated that it would be difficult to find a lender. “That project needs a $65-a-square-foot rent, and the rents out there are in the high $40s,” the developer was quoted as saying.
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