in recent weeks that 421a will be back and with it, the land market will strengthen.
In order to get the area rezoned for residential, Alma, headed by Efstathios Valiotis, agreed to set aside 25 percent of the square footage for affordable housing. If 421a is put back in place, a new buyer could get 35 years’ worth of tax breaks for building the affordable units.
Under the new 421a plan, projects near the Brooklyn and Queens waterfronts like Astoria Cove would pay construction workers a minimum of $45 per hour. [Crain’s] – Rich Bockmann
Tags: 421a, alma realty, astoria cove, bob knakal
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