[NYguy]

https://therealdeal.com/new-york/2023/11...s-he-might-never-see-queens-megaproject/

Larry Silverstein doubts he’ll ever see $2B Queens project
With Innovation QNS in purgatory, 92-year-old developer laments lack of 421a





By Kathryn Brenzel
November 30, 2023

One year after his development team reached a deal with the City Council for Innovation QNS, developer Larry Silverstein is doubtful the housing project will get off the ground during his lifetime.

“I’m now 92 years of age. I’d like to see it happen. Honestly, at this rate, I don’t think I will,” he said during a speech at NYU’s Schack Conference on Capital Markets in Real Estate. “But it is a tragedy because the city needs it, and it needs it desperately.”

The City Council approved the 3,200-unit housing project in November 2022, touting that about 45 percent of the apartments would be affordable.

“The problem is, we have $10 million in that thing, [but] because of no kind of 421a program, we can’t build it. I don’t know how long it is going to take to get this thing going,” the Silverstein Properties chairman said, recounting a conversation with his former CEO Marty Burger moments earlier.

The tax break’s expiration last year loomed large during Thursday’s event. Gov. Kathy Hochul emphasized the need for 421a to make rental projects pencil out. In remarks heavy on sports analogies, the governor lamented that her ambitious housing agenda did not garner enough support in the last legislative session.

“It was a big shot, I didn’t get an assist. A lot of people sat on the bench,” she said.

City & State reported Wednesday that the governor does not plan to revive her proposed housing targets next year after they faced fierce opposition in the suburbs. On Thursday, she told the crowd of real estate professionals that if legislators step up on housing, she will be a willing partner.

...In the meantime, she is turning to executive-level actions, which have included creating a 421a alternative in Gowanus. If that pilot program succeeds, it could be expanded to rescue Silverstein’s project as well as Boris Aronov’s 1,400-unit Halletts North in Astoria.

Burger was ousted as Silverstein Properties’ CEO in October and replaced by Silverstein’s daughter, Lisa. He was coy about his plans for the future, though he indicated that he wants to stay in the same line of work.

“Development is the lifeblood of New York City,” he said. “I’m excited about figuring out what I’m going to do next, but more importantly what’s going to happen in New York City.”