Aug. 5, 2016 By Michael Florio
A large New York City-based development company has purchased seven buildings near the Astoria waterfront, with plans of constructing two more that would provide housing for veterans and the homeless.
Related Companies purchased the Marine Terrace Complex, located on 21st Street between 20th Ave and 21st Ave, in June. The company plans to keep all the units throughout the seven building complex affordable. All tenants in the 444-unit complex will remain.
Related said that it plans to construct two new buildings at the northern most portion of the site that will bring an additional 53 units. One of the buildings will be four-stories high and will contain 32 units; the other a three-story structure, with 21-units.
These new buildings will have an 80 percent housing preference for military vets and include a service package specifically designed to address the needs of low-income veterans.
These units will be set-aside for veterans making no more than 60 percent of Average Medium Income (AMI), with a maximum rent of $1,020, a spokeswoman said.
Additionally, a housing preference will be implemented to lease 20 percent of the units to eligible homeless residents, the company said in a statement.
Related hopes to break ground on these new buildings next summer, and have the work completed by the fall of 2018.
The new units will be marketed through the local VA, and NYCHA.
Related also plans to renovate the existing 444-units with new kitchens, bathrooms, flooring, lighting, and landscaping, the company said. The renovation work began earlier this week and will be completed by January 2018.
The 444-units will be part of the Section 8 Housing Assistance Payment (HAP) that provides affordable housing. HAP will use annual income calculations to determine each resident’s rent, which is typically 30 percent of the tenant’s adjusted household income.
Related will spend $49 million on the renovations and new construction, a company spokeswoman said.
The company will also add new amenities.
The new residential buildings will include 5,400 square-feet of amenity space for all tenants, including an on-site management office, fitness center, computer lab, resident lounge, laundry room, nurse’s office and meeting room.