Astoria West
Astoria West is a waterfront development in Astoria, Queens. The design is composed of three separate but connected buildings that combine to form a central courtyard and greenspace.
MGNY understood that it was important to the client to maximize the affordable rents while ensuring that full lease up happened efficiently. MGNY engaged in extensive research on the market competition - both in market rate and in affordable housing lotteries of similar size and quality. This allowed the client to make confident decisions concerning rents and concessions. After consultation with MGNY the client decided to release an initial lottery for a single building in the 3 building development. This lottery was a success, with all units leasing up efficiently.
Project Highlights
28,802
Applications on Housing Connect
162
Affordable Apartments total at 130% AMI
5,250
Total Applications Processed
312
Toured Applicants
162
Applicants Approved
162
Leases signed
5
Leases signed/week
The Challenge
During the tenant selection process the building was in the final construction stages. Our client did not want to delay the process of hosting building tours and competing lease signings.
The Solution
Through regular communications with the building management team MGNY was able to host tours in completed areas of the building, and assign move-in ready apartments based on the construction schedule. This level of coordination allowed for a smooth lease up process while building construction was completed.
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Cape Advisors
Cape Advisors is a New York City real estate development and investment firm responsible for nearly $3 billion in development on projects running from residential and hospitality to retail and commercial.
