Durst shelves Hallets Point project’s next phase after 421a expiration

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Meanwhile, Durst continued construction on Hallets Point, its $1.5 billion, 2,400-apartment multi-building Astoria, Queens, mega-development. The agreement reached between the Real Estate Board of New York and the Building and Construction Trades Council of New York over the 421a program last November will also help some Durst projects pencil out.

But was this really done right? No less than a week after the ground breaking of Hallets Point affordable housing, the developer said that most of the project is effectively on hold because of the expiration of the tax break known as 421-a, according to reports.

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The Durst Organization’s Hallets Point megaproject, the $1.5 billion, 2,000-apartment development expected to transform the Astoria waterfront, will not move forward as planned. DNAinfo reports.

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A day later, key pieces of the project stalled. With the expiration of the state’s 421-a tax abatement program the day after the Hallets Point groundbreaking, the project’s developer, the Durst Organization, said it would cost too much to build. "Without a new 421-a or a replacement program, we can’t continue with the project.

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A day later, key pieces of the project stalled. With the expiration of the state’s 421-a tax abatement program the day after the Hallets Point groundbreaking, the project’s developer, the Durst Organization, said it would cost too much to build. "Without a new 421-a or a replacement program, we can’t continue with the project.