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.