Affinius Capital Invests $135M in Queens Project

Affinius Capital has made a $135 million investment into 20 and 30 Halletts Point, a 27- and 32-story community totaling 647 units in Astoria, N.Y. The investment was made to The Durst Organization, a New York-based real estate specialist that developed the property.

The project is along the East River in Queens with views of the waterfront and Manhattan skyline. 20 and 30 Halletts Point includes studios, one-, and two-bedroom units in two towers surrounded by green space. There is 8,000 square feet of first floor retail.

Leasing at the development is under way with first move-ins slated for spring 2025. Construction of 20 and 30 Halletts Point started in 2020, with Urban Atelier Group as the general contractor.

Common-area amenities include a fitness center with a dedicated yoga studio, boxing studio, cardio training area and strength training equipment. Residents will also have access to a game room, recording studio, card room, multi-sport room and coworking space.

Outdoor spaces will feature a pool terrace with panoramic city and river views, sun lounges, barbecue grilling stations and outdoor dining areas. A Tot Spot—an early education specialist—provides both indoor and outdoor play spaces. The development will also include a new publicly-accessible waterfront esplanade.

Newmark facilitated the investment. The company’s Doug Harmon, Adam Spies, Jordan Roeschlaub, Chris Kramer, Adam Doneger, Marcella Fasulo, Josh King and Avery Silverstein formed the team that oversaw the deal.

Halletts Point masterplan proceeds in Queens

The towers serve as the cornerstone of the broader Halletts Point masterplan, establishing a waterfront community to capitalize on Astoria’s growth and increasing residential demand, according to Affinius Capital Managing Director David Greenburg. The Durst Organization completed 10 Halletts Point, the first phase of development on the peninsula’s waterfront, in 2019.

Alexander Durst, The Durst Organization’s principal and chief development officer, stressed the building’s resilience to flooding in an interview with Multi-Housing News in 2023. Its resident construction also means that even the lowest floors have good views.

Queens multifamily has outpaced most U.S. markets recently, according to Yardi Matrix, including advertised asking rents increasing nearly four times the national average on a trailing three-month basis, as of mid-2024. Year-over-year rental growth came in at 5 percent for the same period, to an average of $3,075 a month, while the U.S. average was up only 0.8 percent, to $1,743.