Crain's New York Business yesterday reported: Queens housing project to be all 'affordable': Originally pegged at 75% subsidized housing for the middle class, Hunter's Point South will be 100% affordable, a city official announced Wednesday.:
What's the biggest project?
Crain's noted:
Forest City is supposed to announce plans for the long-delayed first tower by the end of the year.
The first phase of the huge Hunter’s Point South project on a 30-acre waterfront parcel in Long Island City, Queens, will be 100% affordable housing, Deputy Mayor Robert Steel announced Wednesday afternoon.How exactly they calculated they could make this project work as all affordable--more subsidies?-- remains unclear, but a Related spokesman said the team was "thinking creatively and working collaboratively."
When the city selected a team comprised of the Related Cos., Phipps Houses and Monadnock Construction in February to build the first phase of the project, officials said 75% of the 950 units would be set aside for middle- to lower-income families with household incomes ranging from $32,000 to $130,000 a year for a family of four.
“We are thrilled to be able to increase the number of units of workforce housing in this burgeoning neighborhood,” Mr. Steel said in a speech at the Long Island City Partnership Annual Luncheon and Trade Show. The developers will break ground on project next year.
What's the biggest project?
Crain's noted:
When completed, Hunter's Point South will be the city’s largest affordable housing complex built since Co-Op City opened in the Bronx in the 1970s.By contrast, Forest City Ratner's MaryAnne Gilmartin has claimed Atlantic Yards "is the most ambitious middle-income housing project ever undertaken in this city, because of its commitment to produce 2250 units of housing."
Forest City is supposed to announce plans for the long-delayed first tower by the end of the year.
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