Related Files Plans For New, Revamped Affordable Veteran Housing Complex
Ross’ Related Cos paid $121M this June for the Marine Terrace complex in Astoria, which consists of three- and four-story '40s-era brick walkups, and now plans to keep rents below-market while developing two new buildings, NY Yimby reports.
The developer submitted applications for the first new building, 19-14 20th Ave, which will hold 21 apartments across 22k SF and a community room, a gym and bike storage on the ground floor. The second tower is expected to have 32 units.
Both towers were designed by Gran Kriegel Architects, will replace a row of single-story garages and are slated to break ground next summer.
All of the new apartments will rent to veterans, and 20% will go to formerly homeless vets. Both groups will have to be earning less than 60% of the area media income. Rents will max out at $1,020/month.
After the two buildings are erected, Related plans to renovate the complex’s other 444 apartments, putting in new kitchens, bathrooms, floors and 5,400 SF of community space. [NYY]