NEW YORK CITY—Following its acquisition of a majority stake in the project, the Durst Organization said Tuesday that it would invest $1.5 billion in a residential and retail development on the Halletts Peninsular in the Astoria section of Queens. The development, which marks the Durst family's first major project outside Manhattan, will include 2,404 units of rental housing, 483 of which will be priced as affordable housing. 

The New York Times reported on Saturday that the Durst Organization had paid more than $100 million for a 90% stake in the Halletts Point site, with Rutherford, NJ-based developer Lincoln Equities Group retaining a 10% interest. Lincoln Equities, which began work on Halletts Point seven years ago, won City Council approval on the project last October, and the Times reported Saturday that the firm had begun talking to the Durst Organization more than a year ago about acquiring a stake.

“After nearly 100 years of building and developing on the island of Manhattan, we are proud to join Lincoln Equities in this exciting waterfront project in Astoria,” says Jonathan Durst, president of the Durst Organization. “This project will transform an isolated and neglected stretch of the Queens waterfront and transform into a vibrant community with housing, parks, retail, waterfront access and improved transportation.”

He notes that it's the Durst family's first major development outside of Manhattan “and is demonstrative of our growth as residential developers and owners. We could not be more excited about this project, this community and our partners.”

The 2.5-million-square-foot development will include eight residential buildings: four market rate, two 80/20 and two given over to affordable units. The affordable buildings are being developed in partnership with the Jonathan Rose Cos. The rezoning also includes 65,000 square feet of retail and community use facilities, a site reserved for the construction of a new K-8 public school and an additional development lot for the New York City Housing Authority.

Also as part of the project, there will be a 25,000-square-foot supermarket in the first apartment building to be constructed, 20,000 square feet of community service retail on the East River waterfront and 14,000 square feet of retail or medical or community facility space. The project will also encompass a new public waterfront esplanade open to the entire community that connects Whitey Ford Field to the existing esplanade, upgrades to the Halletts Point Playground that will be maintained by the developer and the reconnection of Astoria Boulevard to the waterfront through the Astoria Houses. There may also be a New York Water Taxi stop on the peninsula.