Search
 

Queens Waterfront to See $102.5-Mil Luxury Apartment Tower, First of Three

NEW YORK CITY-On the heels of the New York and National Housing Conferences' Annual Awards Luncheon, focusing on those who work for affordable housing, AvalonBay plans new upscale housing.

By Amy Vaughn | Updated on December 14, 2000

NEW YORK CITY-AvalonBay, hoping to cash in on the housing crunch is planning to develop a $102.5 million luxury apartment tower on the Queens West Waterfront. The building will be named Avalon Riverview I, in anticipation of the two additional towers the company plans to build there. This development will bring 372 new apartments onto the market, but does little to satisfy the renewed call for affordable housing in the city.

Examining the housing crunch in the city, the New York Housing Conference and National Housing Conference hosted their Annual Awards Luncheon, as reported by GlobeSt.com yesterday, on Tuesday. Keynote speaker Senator Charles E. Schumer promised affordable housing would be high on his agenda when Congress reconvenes. Honorees and members alike urged attendees to go forth and garner support for affordable housing and continue their efforts of creation, financing, preservation and rehabilitation.

Schumer noted during his keynote address that the tight housing market across the nation, but particularly in this city, has driven housing costs so high that many people are forced to leave in search of rent they can meet. AvalonBay’s tower will help meet demand for housing, but will not do much to ease statistics quoted by Schumer showing a 43% increase in the 1990s of the number of people paying half their annual income for rent.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.