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Flushing Is Flushed With Residential Development Several Significant Projects Underway in Queens Neighborhood

Flushing Is Flushed With Residential Development
Flushing, Queens (iStock.com)

The Financial District and Williamsburg aren’t the only neighborhoods in New York City brimming with residential development these days.

Not just the home of a booming Asian population and the New York Mets, Flushing, Queens has also made a noticeable splash in the current real estate market thanks to several new residential projects. Here’s a rundown of that activity:

Developer Hung & Chong Real Estate (HCRE) has taken out a $75 million loan from Shanghai Commercial Bank to finance a mixed-use residential and retail development at 144-51 Northern Boulevard, on a site that the company bought several years ago with aid from that same bank. The site reportedly offers 90,000 square feet for new construction amid a bustling commercial thoroughfare -- albeit one that is some distance from the final subway stop along the 7 line. While it's not yet certain whether the project will consist of condos or rentals, it's worth noting that HCRE is responsible for a recent condo conversion on Manhattan's Lower East Side.

Additionally, Century Development is building a hybrid hotel/condo project at 134-37 35th Avenue that is expected to add 100 residential units to the market.

The Tangram project--a 1.2 million square-foot development from F&T Group that will occupy an entire block bordered by Prince Street, 39th Avenue, 37th Avenue and College Point Boulevard--will offer 324 luxury units split between two towers, in addition to a four-star hotel, theater, ground floor retail, and office condos.

Meanwhile, Pinnacle Group reportedly plans to convert 114 stabilized rental units at 142-20 Franklin Avenue into condos, with units commanding an average of $524,000 apiece. And the Grand at Sky View Parc from developer Onex Real Estate Partners was the best-selling residential building for the first half of last year, during which 98 units were sold for a median price of $972,500 each.

Finally, Kimco Realty, a developer based in New Hyde Park, intends to construct a nearly 300,000-square-foot mixed-use building in the area, with 244,000 of those square feet dedicated to residential. Called The Kissena Center after its 46-15 Kissena Boulevard address, the property will offer 244 apartment units, with 25-30 percent allocated for affordable housing.  The second floor will consist of a 15,675-square-foot community facility designed by Aufgang Architects, while the ground floor will offer nearly 58,000 square feet of retail. The development will contain a 333-space below-grade parking garage. The project is estimated to require 22 months of construction.

Mike Odenthal is a staff writer at The Cooperator.

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