Mayor buys waterfront site
A 30-acre piece of Queens waterfront property is one step closer to development. New York City has acquired the land for $100 million.
Mayor Michael Bloomberg announced the deal on Thursday.
He said the Hunter’s Point South development in Long Island City will eventually include 5,000 new units of housing. Sixty percent of the units will be reserved for moderate- and middle-income families.
The project will also feature 11 acres of waterfront parkland, retail shops and a high school.
The city acquired the largely vacant site from the Empire State Development Corp. and the Port Authority of New York and New Jersey.