Alma Realty Lands $60M for Long Island City Residential Towers

Though plans were put on hold for the massive Astoria Cove project, Alma Realty Corporation has landed $60 million to finance a residential development project in Long Island City.

With two 17-story buildings, swimming pool, daycare, gym, and doctor’s office, the planned residential project is located at 34-46 Vernon Boulevard. Alma secured a $34.2 million construction loan from Deutsche Bank for the project as well as a $23.6 million gap mortgage for the property which has been under Alma ownership since 2001, but development has been delayed over the years for the project formerly known as Alma Towers. Originally announced in 2010 for two 20-story towers, the development plans were scaled down to 18 and then 17 stories in 2014. A total of 404 units will be included in the development according to the latest plans filed by Alma. A request for comment from Alma was not available at press time. The real estate development corporation in July cited a lack of 421a tax breaks as the reason for holding off on the development of Astoria Cove, but recent reports suggest problems with financing were the real reason. The development plans reportedly included 1700 residential units with 27% dedicated to affordable housing. The site was purchased in 2011 by Alma for $21.5 million.




An ethnic Greek jailed in Albania after being elected Mayor of the seaside town of Himare said Prime Minister Edi Rama is behind it and controls the courts who sentenced him over the protests of Greece.

Top Stories


A pregnant woman was driving in the HOV lane near Dallas.

General News

NEW YORK – Meropi Kyriacou, the new Principal of The Cathedral School in Manhattan, was honored as The National Herald’s Educator of the Year.


Alberto, Season’s First Named Tropical Storm, Dumps Rain on Texas and Mexico, Which Reports 3 Deaths

TAMPICO, Mexico (AP) — Tropical Storm Alberto rumbled toward northeast Mexico early Thursday as the first named storm of the season, carrying heavy rains that left three people dead but also brought hope to a region suffering under a prolonged, severe drought.

ATHENS – After five years of systematic research, documenting and collecting stories from all over Greece, Istorima, the largest-scale collection of oral history in the country, continues its activity and is enriched with a renewed website with updated series and collections.

For centuries, ancient artifacts, art, and relics have been a topic of ownership, provenance, and morality debates.

LESVOS – The 2nd International ELIA Lesvos Confest (an olive conference and festival) took place at the Vrana Olive Press Museum on the island of Lesvos in Greece May 23-26.

NEW YORK – Pancyprian Association of America issued a statement mourning the passing of Constantine Iordanou, the businessman and philanthropist who was also a founding member of the Association.

Enter your email address to subscribe

Provide your email address to subscribe. For e.g. [email protected]

You may unsubscribe at any time using the link in our newsletter.