DITMARS — The developer behind Hudson Yards has purchased a set of seven buildings dedicated to affordable housing near the Astoria waterfront, with plans to renovate the units and construct two new buildings on the site to house veterans.
Related Companies, which is also building two affordable buildings at Hunters Point South, bought the Marine Terrace Complex, off 20th Avenue between Shore Boulevard and 21st Street at the end of June for $121 million, property records show.
Related plans to demolish two sets of parking garages on the northern-most portion of the site to construct a pair of new buildings, measuring four and three stories tall, with 53 apartments between them, according to a spokeswoman.
The new apartments will be rented out with a preference to veterans, and 20 percent of them will also give preference to those who are homeless, the company said.
Meanwhile, Related will overhaul the existing 444 units at Marine Terrace — which will remain under the Section 8 affordable housing program — with new kitchens, bathrooms, lighting and flooring.
The renovations will also add 5,400 square feet of community space, including a fitness center, computer lab, resident lounge, laundry room and nurse's office. Residents will be offered programs like computer training, after-school tutoring and health screenings, according to Related.
"Building a home takes much more than bricks and mortar; we have to invest in our community and our neighbors," Matthew Finkle, head of the company's affordable housing division, said in a statement.
Related Companies expects to break ground on the new buildings next summer, a spokeswoman said.