The Related Cos is closing in on a deal to purchase a 444-unit Section 8 multifamily spread in Queens, the latest move in the developer’s strategy to offset the risk of projects like Hudson Yards by investing in a massive affordable housing portfolio.
Related hopes to purchase the 10-building Marine Terrace development in Astoria from Benjamin Properties for $115M, The Real Deal reports.
In a state application for $108M in bond financing for the deal, Related said it plans to upgrade the existing apartments and add 53 new units by demolishing roughly 100 of the existing 130 parking spaces. Related expects the total project to cost about $210M.
The Queens property will be one piece of the huge affordable housing buying spree Related’s been on over the last few years. Last year the developer purchased a 3,200-unit portfolio with apartments in Chicago and 10 other cities for $270M, and in December it purchased a 20-building, 737-unit development in the Bronx for $112.5M. [TRD]
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