The Durst Organization is planning a $1.5 billion residential and retail development in Hallets Points, Queens, marking the firm’s first venture in one of New York City’s outer Burroughs.
Durst paid $100 million to Lincoln Equities for a 90% interest in the project and plans to dump another $1.5 billion to build apartment buildings, parks, an esplanade and more on the waterfront site in Astoria located on the East River just opposite where Gracie Mansion is located in Manhattan. It will hold more than 2.5 million square feet in total space, 65, 000 of which will be reserved for a retail area.
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The 2, 404 planned residential spaces will be divided between eight residential buildings, four of which will have market-rate apartments. Two of them will reserve 20% of their units for affordable housing under New York’s 80/20 tax incentive plan for developers. The last two will be reserved entirely for affordable housing.
Jonathan Durst, president of Durst Organization and cousin of Chairman Douglas Durst, said in a statement that, “After nearly 100 years of building and developing on the island of Manhattan, we are proud to join Lincoln Equities in this exciting waterfront project in Astoria. This project will transform an isolated and neglected stretch of the Queens waterfront into a vibrant community with housing, parks, retail, waterfront access and improved transportation.”
“This is our family’s first major development outside of Manhattan and is demonstrative of our growth as residential developers and owners; we could not be more excited about this project, this community and our partners.”
The development is being constructed in partnership with Lincoln Equities Group LLC, an East Rutherford, New Jersey-based builder and operator of commercial properties.
Lincoln Equities first planned the project seven years ago. Its president Joel Bergstein said about Durst having joined in the project, “This new joint venture with The Durst Organization will enable us to realize our dream for Hallets. We will bring a much-needed supermarket and affordable housing to Astoria as well as reinvigorating and reconnecting the peninsular to the surrounding neighborhood through infrastructure improvements and retail development.”
Durst is currently building the new 1 World Trade Center tower.