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Politics

With Astoria Cove on Hold, Alma Turns to Long Island City

LONG ISLAND CITY – Developer Alma Realty Corp. recently put its plans for the Astoria Cove project on hold, but having secured a $34.2 million loan from Deutsche Bank, the company has embarked on a long-awaited project, a development in next-door Long Island City consisting of two 17-story buildings, a swimming pool, daycare facilities, and a medical office, the Real Deal reported.

The Astoria Cove project was shelved for the time being, Alma says, due to lack of 421a tax breaks, though some speculate that there was some uncertainty regarding finances, the Real Deal reported.

 

 

The new project has been on hold for a long while but now it looks as if all systems are go.

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