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Developer Scoops Pair Of Queens Buildings For $6M, To Preserve As ‘Workforce Housing’

5-16 47th Rd (4 story building)

5-16 47th Rd (4 story building)

Aug. 9, 2015 By Jackie Strawbridge

The Related Companies has purchased two, nearly century-old residences in Astoria and Long Island City, with the intent to preserve the properties.

According to Department of Finance documents, Related bought 36-05 Vernon Blvd. for $3.4 million, and 5-16 47th Rd. for $3.1 million, from Silvershore Properties in July. Both are four-story, eight-unit buildings constructed in the ‘30s, per the DOF.

The Vernon Boulevard property sits near the waterfront next to the Ravenswood generating station. The 47th Road property is located about a block from Gantry Plaza State Park.

A Related Companies spokesperson said that the purchases were part of a joint venture with the New York City pension system, and also included a handful of Brooklyn properties, all sold by Silvershore.

According to Related, the buildings will be preserved as “workforce housing.” Specifically, they will not be converted into luxury units, the spokesperson said.

The Related Companies are behind the Hunters Point South affordable housing development and a handful of major projects City-wide.

36-05 Vernon Blvd. (center building)

36-05 Vernon Blvd. (center building)

 

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