NEW YORK, NY June 25, 2009 —A new Queens neighborhood is officially in the works. Mayor Bloomberg announced today that the city has acquired 30 acres at Hunter's Point South in Long Island City, an area that's now mostly vacant. The mayor says it's actually a good time to move forward with a large-scale project.

BLOOMBERG: Because the economy is slower than before, we can probably entice builders with better terms when they start building. The cement's cheaper, steel is cheaper.

The mayor says plans for the neighborhood include affordable housing, a park and a high school.

The city bought the land from the state for $100 million.