New York City announced last week that it finalized the purchase of 30 acres of land in Queens where it will develop a 5,000-unit apartment complex largely targeted to middle-income renters.

The New York City Housing Development Corp. will likely issue recycled tax-exempt bonds on behalf of the Hunter’s Point South Development Corp., a 501(c)(3) nonprofit created by the city to develop the site, said HDC executive vice president for capital markets and general counsel Richard Froehlich.

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