Withdrawal of Hallets Point Funding Probed

Withdrawal of Hallets Point Funding Probed

The New York City Council is investigating the withdrawal of $43.5 million in financing from the affordable housing project at Hallets Point, that would also have provided money for boiler repairs at the nearby Astoria Houses, in November 2017, shortly after a public dispute between Mayor Bill de Blasio and the Durst Organization, the developer of the project.

The New York Post reports that Councilman Ritchie Torres (D-Bronx), chair of the investigations committee, said “I have concerns about the withdrawal of bond financing from the project and the impact on the boilers at Astoria Houses.”

Under the terms of an agreement with NYCHA, the Durst Organization paid a $4.2 million deposit to buy land in Hallets Point and agreed to retrofit four boilers at the Astoria Houses. Due to the withdrawal of funding, the Durst Organization did not finalize the agreement with NYCHA and the affordable housing units at Hallets Point have been postponed indefinitely.

We at OANA hope and trust that a solution is reached so that the citizens of Old Astoria, and Astoria Houses can receive the quality of life we all deserve. The completion of the Halletts Point Development is an essential aspect in the revitalization of the Old Astoria Waterfront.

Numerous other initiatives, both public and private, depend on the successful completion of this project.

We have faith that our elected officials and private business can put aside their differences, and make Old Astoria and a top destination for all New Yorkers and Tourists.

Renderings courtesy The Durst Organization


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