The Durst Organization has finally closed on the final parcel needed for the huge Hallets Point development according to The Real Deal.
In September Durst paid over $100,000,000 for a 90 percent stake in the project. This fall the development hit a snag. Durst could not close on the final parcel of land it needed. Lincoln Equities, which spent years acquiring the properties necessary for the mega project, had passed along a contract for sale for one of those properties (1-02 26th Avenue in Astoria) when it sold the 90 percent stake to Durst. But the owner balked at selling. In October it sued Durst and Lincoln, asserting that it had accepted less than fair market value for the property in exchange for equity in the project. With the sale of the development to Durst, the owner would no longer receive any equity. Lincoln planned to buy the lot for $7.5 million. Durst is reported to have just paid $15 million for it.
When completed the seven-acre development will have seven residential buildings with 2,200 units. Twenty percent of the units are designated as affordable. The development will also include a public school, supermarket and waterfront esplanade. With the final roadblock out of the way, construction should begin in October and will last for six years.
Rendering via STUDIO V Architecture/James Corner Field Operations