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Lincoln Equities Group: Company Announces $1.5 Billion Waterfront Groundbreaking in Queens
Astoria, N.Y, — Feb. 17, 2016 — Lincoln Equities Group LLC (LEG) announced the groundbreaking for Halletts Point, a $1.5 billion joint venture development project led by the Durst Organization that will transform the waterfront community of Astoria, N.Y.
LEG conceived and managed the six-year approval process. The first building will open in 2018 and will include 405 units, with at least 81 reserved as affordable housing.
Lincoln Equities Group took a 7-acre dilapidated waterfront site, zoned for manufacturing, and integrated the design of its master plan into the adjacent Astoria Houses New York City Housing Authority public housing campus. It added a new waterfront esplanade designed by the landscape architects of Manhattan’s High Line, and with support from the local residents, community groups, and public officials, created a unique, neighborhood-changing project.
“This project is so special because it’s not just a series of new buildings going up, it’s a neighborhood transformation,” Joel Bergstein, president, LEG, said at the groundbreaking. “It was built from a grassroots effort of local support and is really about integrating this new development into the community, not co-existing beside it.”
The $1.5 billion development will incorporate over 2,400 rental apartments, including five waterfront multi-family high-rise residential buildings, plus two new multi-family residential buildings on the Astoria Houses campus. Twenty percent of the units will be reserved for inclusionary affordable housing.
The community will also feature 65,000 square feet of retail and community facility space, including a FRESH supermarket and a K-8 public school, and will be providing job training for local residents.
“Halletts Point shows that large transformative projects can still be achieved in New York City” said Robert Schenkel, LEG’s senior director of development. “There was a huge amount of careful planning that went into this project, and we would like to especially thank the community and local residents of Astoria for their input, participation, and continued support.”
Lincoln Equities Group LLC (LEG), established in 1980, is one of the Northeast’s leading full-service real estate companies. For more information, visit http://www.lincolnequities.com/.