"Mayor Michael R. Bloomberg and the Port Authority of New York and New Jersey Board of Commissioners today announced an agreement to transfer ownership of approximately 24 acres of land in the southern portion of Queens West from the Port Authority to the City of New York for a major, mixed-use, middle-income housing development in Long Island City. Up to 5,000 units of housing primarily designed to be affordable to families earning from $60,000 to $145,000 for a family of four is expected to be developed on the site. The units will be part of Mayor Bloomberg's $7.5 billion New Housing Marketplace Plan to build and preserve 165,000 units of affordable housing over ten years, the largest municipal affordable plan in the nation's history. The Port Authority Board of Commissioners authorized the property sale at its meeting today. The City has approximately 90 days to complete due diligence and documentation. "

Quick Facts

• 24 acres for $146 Million
• 5,000 middle-income rentals for families of 4 making $60,000 and $145,000 a year
• Rents of $1,200 to $2,500 a month
• No ratio or middle-income to market value
• Mixed use land, parks, retail

NYC Press Release (www.nyc.gov)

New York Business (www.newyorkbusiness.com)

Queens West discussion