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NEW YORK CITY — A partnership between Lincoln Equities Group and an affiliate of Grosvenor Investment Management has taken the first steps toward the creation of a new waterfront multifamily and retail project in the Astoria neighborhood of Queens, New York City. The partnership has submitted an application to begin the city’s uniform land use review process, which if successful, would re-zone an industrial area located along the East River known as Halletts Point for residential and commercial use. The new multi-use community would contain 2,000 units of market-rate housing, 500 units of affordable housing, a waterfront park, a neighborhood supermarket, additional retail and restaurants. The project would consist of seven buildings averaging 32 stories in height. The Halletts Point area, which is situated at the intersection of First Street and 26th Avenue, presently contains mostly vacant industrial buildings and storage yards, and is zoned for manufacturing use. Lincoln is developing the project, with GIM PA Partners LP, the Grosvenor affiliate, serving as capital partner. The project was master-planned by Studio V.

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