Low-Cost Loans Help Fill Stalled Development Site in Queens, NY
GlobeSt.com reports: Walking down 41st Avenue in Long Island City of Queens, New York, any time over the past two years would have allowed one to see a giant hole in the ground, a scar left on the throughway from the recent downturn in commercial real estate, surrounded by plywood. GlobetSt.com cited data recorded by Real Capital Analytics to identify AM Holding of NY Corp as having purchased the stalled development site in 2005. That firm subsequently sank $9.7 million into the site in preparation of a planned condo development, before the project stalled and the site was disposed of to Queensboro Development LLC in 2009.
Now, however, the site is getting a second chance. Under New York City Department of Housing Preservation & Development’s Housing Asset Renewal Program (HARP), Queenseboro has received millions in low-cost loans to erect an apartment complex with 117 units, 108 of which will be affordable to middle income families. New York City Council members took the opportunity to pat themselves on the back over the publicly-funded program’s success, with Speaker Christine C Quinn – who originally proposed the HARP program – quoted on GlobeSt.com as saying, “The Queensboro development is a perfect example of how our HARP program is really a win-win for New York City.”
View the full article on GlobeSt.com: Low-Cost Loans Help Fill Stalled Development Site in Queens, NY
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Posted by: Nina Turner