KS Group And Alma Realty Open Housing Lottery At 731-Unit Astoria Cove Phase 1

• 731-unit Astoria Cove Phase 1 launches housing lottery in Queens
• 75 affordable units available across 80% to 130% AMI tiers
• Large-scale waterfront development continues lease-up momentum

What the lottery means for lease-up strategy

The affordable housing lottery has officially launched for Astoria Cove Phase 1(A), marking a key step in leasing up one of Queens’ largest multifamily developments. Developed by KS Group and Alma Realty, the project includes 731 total units, with 75 designated as affordable through the city’s housing program. This approach allows developers to meet inclusionary housing requirements while advancing lease-up across a large asset. The lottery runs through early June, helping fill units ahead of full stabilization.

What the scale means for multifamily supply

Astoria Cove Phase 1(A) consists of two buildings rising 26 and seven stories, adding significant density to the Astoria waterfront. The project delivers a mix of studio to two-bedroom units, paired with high-end amenities including a gym, spa, rooftop terraces, and coworking spaces. This level of amenity-rich product positions the development to compete with luxury rentals while maintaining a mixed-income component.

What affordability levels mean for renter demand

The affordable units span 80% to 130% of area median income, targeting middle-income renters rather than deeply affordable segments. Rents range from roughly $2,100 to $3,600 per month, reflecting the continued pressure on affordability even within subsidized housing bands. For developers, this structure supports higher revenue while still qualifying for city-backed housing programs.

What this means for Queens development trends

Astoria Cove has long been a key waterfront redevelopment site, and Phase 1(A) represents continued momentum in transforming the area into a dense residential hub. Large-scale projects like this are reshaping Queens, bringing new housing supply closer to transit and job centers while activating underutilized waterfront land. The inclusion of both market-rate and affordable units aligns with broader city goals to increase housing production.

What this means for developers and investors

Astoria Cove highlights how large multifamily developments are balancing affordability requirements with high-end positioning. For developers, mixed-income projects provide a pathway to scale while meeting regulatory demands. For investors, assets like this offer strong long-term fundamentals driven by location, amenities, and diversified tenant bases. As New York continues to push for more housing, projects like Astoria Cove will remain central to the city’s development pipeline.