Source: Crain’s

Date Published: 9.3.2025

Link: Death of 3,200-unit Innovation QNS project deals blow to city’s housing goals

The massive Innovation QNS project in Astoria, which was supposed to bring 3,200 new apartments and over 1,400 affordable units, has fallen apart after Silverstein Properties pulled out. The company cited financing issues tied to the end of the 421-a tax break and said it wanted to focus on its Manhattan projects instead. What’s left is a much smaller plan from BedRock Real Estate Partners and L+M Development, who now aim to build a 560-unit building on just one of the original sites, with about 140 affordable units. The collapse is a blow to the city’s housing goals, since leaders had counted this project as a major win, and it’s reignited debate in the neighborhood, where many residents and local officials never fully supported it in the first place.