18 Feb Up-and-Coming Hood: Flushing, Queens Is Abuzz With New Construction
If you thought bustling residential development in Queens was limited to Long Island City, it’s time to widen your scope. Builders are also targeting Flushing — the farther-flung home to New York’s second-largest Chinatown.
FLUSHING COMMONS, from $650,000 and up: 148 units in the first of two phases; mix of one- through four-bedroom units starting at 610 sq. ft.; units have city views; project includes library, storage and dog play zone. Agent: Fultonex Realty, 718-280-5280 | Photo: Conway+Partner
Because of that affiliation, the shift is predominantly fueled by a largely Asian-American clientele’s demand for living in this 24/7 community, and sources say they do comprise the majority of buyers currently making deals.
But given the volume of new housing, plus its reasonable prices, Flushing is likely to soon lure buyers from other backgrounds in search of a great deal.
“It’s definitely an up-and-coming neighborhood,” says Helen Lee, executive vice president of F&T Group, which along with The Rockefeller Group and AECOM Capital, is developing the 1.8 million-square-foot mixed-use Flushing Commons.
In 2015, F&T completed One Fulton Square, which holds 43 condos and a Hyatt Place hotel, plus swanky food and beverage outposts, like the popular Mister Hotpot restaurant and the rooftop Leaf Bar & Lounge. “People are naturally drawn to vibrant neighborhoods, and I think Flushing is a great example of that,” she adds.
Indeed, new residents — Asian-Americans from all corners of the tri-state area — are quickly securing their own slice of Flushing, and it helps that their selections are quite nice.
For instance, the first phase of Flushing Commons includes 148 apartments, with prices from roughly $650,000. Sales launched in September for 130 of these condos, whose features include Swedish oak wood floors, open kitchens, and windows with city views. Over 80 percent have entered contract.
Meanwhile, this first phase will also deliver an office tower and retail space at Flushing Commons. The offices should be ready by the end of this year, with the residences debuting a few months later.
“In Manhattan, it’s hard to find new development with … amenities at the price we’re able to offer,” says Lee.
Lee’s proof lies in the numbers. New development in Flushing will largely yield condo units, and in 2015, the nabe’s median condo listing price hit $676,388, StreetEasy shows. Compare that to Manhattan, where median condominium asks rang in at $1.89 million last year.
Along with its attractive pricing and upmarket perks, Flushing stand out for its sheer volume of mixed-use projects: developments with residential and commercial components.
“It’s mainly because of the scarcity of land,” says David Brickman, a director at Onex Real Estate — the owner and developer of the 1.2 million-square-foot Sky View Parc and The Grand at Sky View Parc condos. This six-tower collection, three of which are under construction, stand atop the 785,000-square-foot Shops at SkyView Center retail hub. “If you can find a site, you want to maximize value.”
The results benefit both developers and residents — the latter of whom have most amenities and services within easy reach. The Shops at SkyView Center alone has a BJ’s, Nordstrom Rack, Uniqlo, even a 33,000-square-foot supermarket.
Like the Shops at SkyView Center, the development’s residential portion — whose buyers Brickman says are largely Asian-American — is also amenity-laden. The three-tower, 448-unit Sky View Parc debuted in 2011, and amenities include valet parking, a health club, putting green and a dog run. Construction commenced last winter on the three-building, 750-unit Grand at Sky View Parc segment, where prices begin at $489,000. Its first tower, Grand One — with 232 units — will open this fall. Meanwhile, the 259-unit Grand Two launched in November, and buyers inked a staggering $85 million in contracts during the first weekend of sales. These newer apartments will all have washer/dryers, floor-to-ceiling windows and balconies.
“I … see [Flushing] eventually catering to everybody,” says Eric Benaim, CEO, president and founder of Modern Spaces, which is consulting on The Grand at Sky View Parc.
Long-standing eateries, like Joe’s Shanghai at 136-21 37th Ave., already lure folks from all over the city for weekend brunch, but there’s more on offer. A stone’s throw away is Flushing Meadows Corona Park — Queens’ largest green space. Its grounds include a botanical garden and the USTA Billie Jean King National Tennis Center, which hosts the US Open. Not far is Citi Field for Mets fans.
But don’t assume that all those looking to make the move want to live in mega-projects. Developer Yin C. Hu now has two smaller-scale, Architects Studio-designed properties underway — one at 41-62 Bowne St., the other at 141-26 Northern Boulevard — which should take 2½ years to complete. The former will have 84 condos, plus two stories of retail and a school. The latter will house 56 apartments, as well as retail, healthcare offices and a school.
Meanwhile, not all construction will bring buildings for a higher-end clientele.
“For the past 10 years it’s been close to [several thousand] new units being developed, but hardly any affordable housing,” says Chris Kui, the executive director of the nonprofit Asian Americans for Equality, of Flushing. Continue reading > > >
via NYPost | Lead image: REUTERS/Shannon Stapleton; Handouts; Zandy Mangold