Joe Berko & Michael Korine closed on a five-parcel land sale for a development project in Woodside, Queens. The project will span nearly 500,000 square feet with 431 rental units, featuring frontage along Queens Boulevard.
Madison Realty, the buyers, underwent a ULURP process in order to secure rezoning and increase the amount of square footage to be built and the number of affordable units. In November 2018, the City Council rezoned the site under its Mandatory Inclusionary Housing program, which will result in 129 affordable units in the new construction project. The demand for affordable housing in the neighborhood and surrounding areas of Queens is significantly outpacing the supply. In addition, the proposed development is planned to include a new 476-seat school that will try and eliminate the problem of overpopulation in current school districts.