Streetview of 42-08 35th Avenue © 2022 Google
A site in Astoria once slated for a 3,200-unit development will now be home to a handful of residential buildings with just over 230 apartments. As first reported by Crain’s, the Hakimian Organization and CW Realty have filed plans for a 16-story building at 35-17 42nd Street and a 13-story building at 42-08 35th Avenue, on the former site of the $2 billion Innovation QNS megaproject. The ambitious housing project was scrapped in September amid financing challenges following the expiration of the 421-a tax break and uncertainty surrounding its replacement, the 485x program.
The pair of developers purchased the properties in January for $15.8 million. The 35th Avenue building would rise 144 feet and include 99 residential units across roughly 90,000 square feet, along with ground-floor retail space. The developers appear to be keeping the project just below the 100-unit threshold to avoid triggering 485-x wage requirements.
The 16-story project on 42nd Street would stand 177 feet tall with 67 residential units spanning about 56,000 square feet. Heartfelt Townhouse Build has filed plans to demolish the one-story buildings currently standing at both sites. A third building may also be on the way, as the filing calls for a total of 234 units, according to Crain’s.
Approved by the City Council in November 2022, Innovation QNS was heralded as one of the city’s largest affordable housing projects and a major step toward easing New York’s housing shortage.
However, the plan fell apart in September when Silverstein Properties withdrew from the project due to financial challenges. While the larger proposal collapsed, remaining partners BedRock Real Estate Partners and L+M Development have since filed plans for a 560-unit building on one of the original sites.
Signs of the project’s collapse began to surface earlier this year when two Silverstein-leased sites—35-17 42nd Street and 42-08 35th Avenue, both slated for the development—were sold to the Hakimian Organization and CW Realty, as reported by Crain’s.
New plans call for a 27-story, 560-unit, 498,000-square-foot tower at 35-18 Steinway Street, designed by Beyer Blinder Belle. The $47.7 million site is currently home to a 33,000-square-foot P.C. Richard store and parking, and the developers intend to keep space for the retailer in the project, as 6sqft previously reported.
BedRock and L+M plan to work with the city to explore financing programs for the project. A quarter of the apartments will be designated affordable for households earning an average of 60 percent of the area median income. The developers said they also intend to pursue opportunities to deliver additional affordable housing beyond the requirements of Mandatory Inclusionary Housing.
The project initially faced pushback from Queens Council Member Julie Won, who argued that it didn’t include enough affordable housing. Won called for 55 percent of the units to be designated affordable. In response, the developers ultimately agreed to increase the number of affordable apartments from 1,100 to more than 1,400.
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