As mega-developer Related Companies finishes construction on its first buildings at Hudson Yards in Manhattan, the firm led by Stephen Ross is pushing forward with a small affordable development for veterans in northeastern Astoria, near the East River waterfront.
Related scooped up the seven-building, affordable Marine Terrace complex for $121 million in June. The company plans to preserve below-market rents at the sprawling 1940s rental development and erect two new buildings at its northern edge. Marine Terrace consists of three- and four-story brick walkups and spans several blocks between Shore Boulevard, 20th Avenue, 21st Street, and 21st Avenue.
Related has filed applications for the first of those new buildings at 19-14 20th Avenue, between 19th and 20th Streets. The pair of low-income rental buildings will replace a row of single-story garages across the street from Con Ed’s huge generating station. The four-story development will hold 21 apartments across 21,580 square feet of residential space, for typical units measuring 1,027 square feet. While plans have not yet been filed for the second building, it will have 32 apartments—for a total of 53 low-income units, DNAinfo reported in August.
The ground floor will have a community room, gym, and bike storage, followed by seven units on each of the upper floors.
Gran Kriegel Architects and Planners are designing the buildings.
Eighty percent of the apartments will rent to veterans, and 20 percent of the units will go to formerly homeless vets. The apartments will rent to individuals who earn no more than 60 percent of the Area Median Income, and rents will max out at $1,020 a month, according to Astoria Post.
Then Related will revamp Marine Terrace’s 444 older apartments. The units will remain below market, thanks to Section 8 subsidies. And the developer will put in new kitchens, bathrooms, floors, and 5,400 square feet of community and amenity space. The company expects to break ground on the new buildings on 20th Avenue next summer.