Astoria Set for Influx of Hundreds of More Apartments
The Astoria development beat is marching on.
Across the River Realty Development is seeking to build a 402-unit complex at 31-29 Vernon Boulevard, the New York Business Journal reported. The limited liability company, tied to Dominick Acquista and Lorenzo Devardo, requested a zoning change and text amendment to facilitate the project.
The developers are planning a 20-story, 380,000-square-foot project to replace three industrial properties on the lot. Roughly 25 percent of the apartments in the project would be reserved for those earning an average of 60 percent of the area median income.
Other features of the development would include 21,000 square feet of open space, 10,000 square feet of commercial space, 3,000 square feet of community facility space and a couple dozen parking spaces at the cellar level.
Across the River Realty could not immediately be reached for further comment by The Real Deal.
Should the project come to fruition, it will join a growing group of developments unfolding in the Queens neighborhood.
Last month, Domain Companies secured $175 million in construction financing from Wells Fargo for Elara, a 429-unit, two-building development in Astoria.
The project, which includes 107 affordable housing units and retail space, is split into two sections — an 18-story building and a 12-story building — with completion expected between early and late 2028.
Around the same time, ZD Jasper Realty filed an application to rezone a 48,000-square-foot development site at 34-49 Steinway Street in Astoria from commercial to mixed-use. The proposed 17-story building would feature 214 rental units, approximately 25 percent designated as affordable under the city’s Mandatory Inclusionary Housing.
LMXD and BedRock Real Estate Partners also recently secured $250 million in financing to acquire and develop a 560-unit mixed-income project at 35-10 Steinway Street in Astoria.
The development will feature all-electric infrastructure and include a mix of unit sizes; 25 percent of the units will be set aside for households earning an average of 60 percent of the area median income.
Read more
LMXD, BedRock land $250M at former Innovation QNS piece
Jasper Wu seeks rezoning for 214-unit Astoria project
Domain scores $175M in financing for 429-unit Astoria project
