New York's City Council has approved a $2B development in Queens that will produce 3,200 apartments, nearly half of which will be designated "permanently affordable."
A trio of developers behind Innovation QNS in Astoria—Silverstein Properties, BedRock Real Estate Partners and Kaufman Astoria Studios—agreed to include a level of affordability that exceeds the city's minimums for apartment units on rezoned land.
Of the 3,200 units at the project, 1,436 will be permanently affordable; of those, 865 units will be reserved for households earning 30% or less of the area median income, which in Astoria is $36,000 for a family of three.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2025 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.
