Hunter’s Point waterfront rental opens lottery for 173 apartments, from $2,490/month
Renderings by Binyan unless otherwise noted.
Applications are now being accepted for 173 middle-income apartments in a new luxury rental development on the Long Island City waterfront. Located at 2-20 Malt Drive in Hunter’s Point South, the 34-story building is part of the three-tower Malt Drive development bringing over 1,000 new homes to the area. New Yorkers earning 130 percent of the area median income can apply for the units, priced from $2,490/month for studios to $3,590/month for two-bedrooms.
Developed by TF Cornerstone and designed by SLCE Architects, the project includes two main buildings: a 34-story tower at 2-20 Malt Drive with 575 units, and a two-tower building at 2-21 Malt Drive, featuring a 38-story tower and a 25-story tower with a combined 811 units, according to Yimby.
In total, the project spans 1.43 million square feet and includes 1,386 rental units, with 30 percent designated as affordable housing, along with 25,000 square feet of retail space.
Designed by C McKEOUGH unLTD., amenities include a rooftop terrace with BBQ grills, an outdoor lap pool, a fitness center, a clubroom, a lounge, co-working spaces, conference rooms, a children’s playroom, an on-site resident manager, a package room, on-site parking, a pet-friendly policy, and a 24-hour attended lobby.
The property also includes the new Malt Drive Park, a waterfront greenspace designed by SCAPE Landscape Architecture, adding three-and-a-half acres to the park space at Hunter’s Point South Park. This expanded waterfront access features native plantings and flood-resilient elements, creating a sustainable, community-focused area for the neighborhood.
Current market-rate rentals at 2-20 Malt Drive start at $3,600/month for studios, $4,605/month for one-bedrooms, and $6,085/month two-bedrooms, according to CityRealty.
“The launch of leasing at 2-20 Malt Drive comes with a real sense of pride as we continue to build on our tradition of Class A construction, stellar management, and a commitment to enhancing and enriching the communities our buildings become part of,” Zoe Elghanayan, principal & senior vice president at TFC, said.
“Malt Drive is a prime example of that tradition. After more than two decades of developing and contributing to the Long Island City waterfront, we’re excited to keep growing alongside the Hunter’s Point South community.”
Residents will also have access to pet care services at JoJo & Co. Pet Club, located off the lobby of the South Tower, according to CityRealty.
All apartments feature oversized windows—providing stunning waterfront views of the East River and Manhattan skyline—as well as high ceilings, thoughtful layouts, and in-unit washers and dryers.
TFC worked with Mark Jupiter, a custom furniture maker based in Dumbo, to create nine bespoke pieces for the co-working and lounge spaces in both buildings. The first 100 residents will receive a custom charcuterie board by Jupiter as a move-in gift, created from the excess pieces of his furniture to avoid landfill waste and fund the planting of five trees.
The massive development is located on the former site of a sugar cane processing facility and beer distribution center.
In 2023, TFC received $725 million in construction loans to finance the project. Wells Fargo provided $418 million for 2-21 Malt Drive, and PNC provided the remaining $307 million for 2-20 Malt Drive, as reported by Yimby.
Leasing is expected to launch at 2-21 Malt Drive later this year, with 244 of the units slated to be offered through a housing lottery at 130 percent of the area median income.
Nearby public transit options include the G and 7 trains, and the Q103 bus.
Qualifying New Yorkers can apply for the apartments until December 30, 2024. Complete details on how to apply are available here.
Questions regarding this offer must be referred to NYC’s Housing Connect department by dialing 311.
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