Nov. 26, 2014 By Michael Florio
The Astoria Cove development proposal was unanimously passed by City Council Tuesday.
Councilman Costa Constantinides praised his colleagues following the vote and discussed the significance of it.
“Residential development in the 21st Century must be innovative, contextual, and inclusive of its community. I am proud to have reached this goal by passing this historic agreement at Astoria Cove,” he said.
Alma Realty, the developer, is now required to set aside 27 percent of its 1,700 units to be affordable. The affordable units are being targeted to prospective tenants from a range of income brackets.
For instance, 5 percent of the 1,700 units must be for residents earning up to 60 percent of the Adjusted Median Income (AMI); 15 percent of the 1,700 units must be set aside for those who earn up to 80 percent AMI; and 7 percent of the 1,700 units will be for those who earn no greater than 125 percent AMI.
Astoria Cove will also bring a fully funded ferry dock, a supermarket, a new school, a renovated local library, upgraded parks and an upgraded senior center at NYCHA Astoria Houses.
“In one of the largest agreements on affordable housing in city history, a record 27% of the development will be permanently reserved for low- and middle-income households,” said Constantinides. “The development will also use a fully unionized workforce, bringing good jobs in an area that needs them.”
