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Old Posted Feb 28, 2014, 11:53 PM
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Smile NEW YORK | Flushing Commons | 4 Buildings

New York YIMBY:

Revealed: Flushing Commons
BY: NIKOLAI FEDAK ON FEBRUARY 28TH 2014 AT 6:00 AM


Flushing Commons at full build-out — image from Perkins Eastman

Quote:
The 1.8 million square foot redevelopment of Flushing Commons in Queens is about to get underway, and a set of renderings from architect Perkins Eastman reveals the master plan, which will result in four new buildings, and 1.5 acres of open space. A litany of developers are involved with the project, including TDC Development, The Rockefeller Group, AECOM Capital, and Mount Kellett Capital Management.

Curbed reported on the site’s approval at the end of December, and Flushing Commons will be the last legacy development of the Bloomberg administration, which paid $20 million for the municipal parking lot that currently occupies the site. Phase I will include 150 residential units and 220,000 square feet of office space, as well as 1,600 parking spaces, though the last component will be temporary.

Phase II will be even more impressive; it will add another 450 units, an additional 280,000 square feet of commercial space, a 62,000 square foot YMCA, and another 15,000 square feet for community facilities. The second phase will also include the 1.5 acre town square, which will center around a fountain plaza.

The reveal by Perkins Eastman is promising, and highlights the site’s potential at full build-out; the clear focal point of the development is the public space at the center, which will provide “public gathering and event spaces,” while also enhancing “pedestrian circulation with access from nearby mass transit.”

The parking component of Flushing Commons will be bulldozed to make way for phase II of the development, further highlighting the project’s positive benefits; it will transform a periphery neighborhood into a truly urban center, where vehicles are not necessary for access. Creating a pedestrian-friendly atmosphere will be crucial to ensuring the plan’s success, and it looks like Perkins Eastman’s vision is the right idea.

Phase I is expected to be completed by April 2017, and phase II will break ground in 2018, with the entirety of Flushing Commons to be completed by the early 2020s. The cost of the development is $850 million, and the NYCEDC website has additional information.

Flushing Commons phase I — image from Perkins Eastman


Flushing Commons -- image from Perkins Eastman


Flushing Commons — image from Perkins Eastman


Flushing Commons — image from Perkins Eastman


Here's a pic of the site-- the entire parking lot in the center:

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Last edited by Hypothalamus; Mar 14, 2014 at 10:17 PM.
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Old Posted Mar 1, 2014, 11:19 AM
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Thankfully a parking lot will be replaced. It's an eyesore from the helicopter view.
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Old Posted Mar 1, 2014, 5:14 PM
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Tubeworm, as there are many projects going around Flushing, Queens in general, maybe this tread should be a collection of all the projects in that area? Just a suggestion if I may add. Just for sake of organization.
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Old Posted Mar 1, 2014, 6:57 PM
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Originally Posted by chris08876 View Post
Tubeworm, as there are many projects going around Flushing, Queens in general, maybe this tread should be a collection of all the projects in that area? Just a suggestion if I may add. Just for sake of organization.
I wouldn't mind that. I was just thinking this project should be its own under general development given its scale and scope. I have high hopes for this one! The other big Flushing development is Willis Point (if I remember correctly), and that's a bit separated from downtown Flushing.
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Old Posted Mar 1, 2014, 10:51 PM
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Flushing is becoming a city within the city, with its own downtown and burgeoning skyline. Unfortunately a lot of it looks pretty haphazard, but I guess that's the nature of construction in Queens. This project looks like a big step up architecturally and in urban terms.

I also think the huge influx of Chinese immigrants deserve credit for Flushing's surge.
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Old Posted Mar 14, 2014, 10:21 PM
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Commercial Observer:

Flushing Commons Developers to Close $300M Financing Brokered by HFF
BY DAMIAN GHIGLIOTTY 3/14 12:00PM

Quote:
The developers behind the long-stalled Flushing Commons project are about to sign off on about $300 million in debt and equity financing for phase one of the mixed-use Queens complex.

The partnership between Flushing-based TDC Development and Construction Corporation, AECOM Capital, the Rockefeller Group and Mount Kellett Capital Management is getting ready to close a roughly $225 million loan from Starwood Property Trust and a $75 million equity investment from the developers, a person familiar with the negotiations told Mortgage Observer on background. Both deals are expected to close at the end of the month, that person said.

The debt and equity portions will be used to refinance a bridge loan from Starwood Property Trust for the $20 million acquisition of the development site, which closed on Dec. 30 2013, and fund the first phase of construction. A team from HFF’s New York office led by Office Co-Head and Senior Managing Director Andrew Scandalios brokered the financing. HFF and Starwood declined to comment.

[...]

An AECOM spokesperson confirmed the closing of phase one construction financing by the end of March, but declined comment further on the debt and equity.
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Last edited by Hypothalamus; Apr 18, 2014 at 8:01 PM.
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Old Posted Apr 5, 2014, 6:15 PM
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Times Ledger:

Katz starts Flushing task force
By Alex Robinson APRIL 3, 2014


Rendering courtesy TDC Development

Quote:
A four-level underground parking structure will be built in the first phase to allow for the bulk of the above-ground construction to take part in the second phase without disrupting available parking.

Construction was set to begin in March after the project’s developers, Rockefeller and TDC Development, closed on a deal with the city to buy the property Dec. 30, 2013.

A spokesman for the developers said preliminary work on the first phase of the development started in mid-March. This included electrical work, changes to ramps and other internal updates necessary for excavation, he said.

The developers expect construction to start in late May or early June and predicted Phase 1 would be finished in early 2017.

[...]

Photo by Christina Santucci
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Last edited by Hypothalamus; Apr 18, 2014 at 8:02 PM.
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Old Posted Apr 18, 2014, 7:58 PM
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Lets see some action now.



Flushing Commons developers clear crucial financing hurdle
Rockefeller Group, F&T raise $313M, set to commence first phase of project

April 18, 2014 12:40PM
Julie Strickland




Quote:
Developers the Rockefeller Group and TDC Development have pulled together $313 million to finance the first phase of their Flushing Commons project.

F&T Group, of which TDC is a subsidiary, and Rockefeller raised the capital, topping up a $235 million loan from Starwood Property closed at the end of March with an additional $78 million. The latest round of financing includes debt and equity capital.

The deal marks the final hurdle for the long-delayed project, estimated to cost $850 million and slated to kick off construction in mid-March, the TimesLedger reported. Set upon Flushing’s Municipal Lot 1 at the corner of 39th Avenue and Union Street, the site will ultimately house a multi-use complex with residential, retail and commercial space, along with a 62,000-square-foot YMCA and 1,600 parking spots.

“We’re finally here after a lot of years,” Michael Meyer, head of F&T Group, said at a Community Board 7 meeting in December. “With the economic downturn of the last five years, it threw a monkey wrench into our plans.”

Phase 1, slated for completion in early 2017, will hold 220,000 square feet of commercial and office space, along with 150 units of market-rate housing.
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  #9  
Old Posted May 15, 2014, 9:47 PM
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Smile NEW YORK | 38-18 Union St | 197 FT | 19 FLOORS

Looks like the southeast building is getting underway...

Queens Crap, Blogspot:

Flushing Commons construction begins

POSTED BY QUEENS CRAPPER AT 12:21 AM
WEDNESDAY, MAY 14, 2014





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Old Posted Jul 1, 2014, 6:17 PM
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Officials Break Ground on Multi-Use Flushing Commons Development




Quote:
A massive, mixed-use development that will bring retail and office space as well as condominium units and open public areas to downtown Flushing broke ground today. Elected officials and community leaders joined project managers and business leaders to celebrate the first construction phase of Flushing Commons, a sprawling development on a five-acre site located near 39th Avenue, Union Street and 138th Street. The proposed $850 million project includes a 1.5-acre town square consisting of an open space with a fountain and plaza that will be large enough to support community-sponsored cultural events and performances; 1,600 parking spaces with short-term parking at below-market rates; a 62,000-square-foot state-of-the-art YMCA featuring a swimming pool, basketball courts, a running track, an exercise room and daycare; 36,000 square feet of community space; 235,000 square feet of retail space; 185,000 square feet of office space; and roughly 600 residential condominium units.Sounds like there is something here for everyone. The project is expected to be completed by 2020.
=========================================
06/30/14
http://queens.brownstoner.com/2014/0...s-development/
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  #11  
Old Posted Aug 29, 2015, 1:43 AM
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In Flushing: Upscale Condos and Retail



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For much of the city’s Asian community, the center of New York City is not in Manhattan, but in downtown Flushing, Queens, the bustling shopping district at the end of the No. 7 subway line. Soon this crowded commercial hub will grow even busier as sales start early next month at Flushing Commons, a mixed-use development that has been in the works for a decade.

The first phase of the 1.8 million-square-foot project will be finished in 2017, delivering 148 residential condos as well as office condos and retail. Eventually, the complex of more than five acres will house a total of 600 residential condos, an outdoor plaza and a new Y.M.C.A. facility. Completion is scheduled for mid-2021.

Construction began last year on the site of a municipal parking deck between Union and 138th Streets and 37th and 39th Avenues, snarling traffic and isolating small businesses. Although the previously existing parking was consolidated at an undeveloped portion of the site, prices have jumped to $3 an hour from $1, vexing drivers and merchants. But supporters of the development see the arrival of the glassy contemporary complex as a welcome addition to a rapidly changing neighborhood, one that will deliver much-needed open space — and ultimately increase parking spots to 1,600 from 1,100.

“Flushing is coming of age,” said Michael Meyer, the president of F & T Group, which is developing the $1 billion project with the Rockefeller Group and Aecom Capital.

Flushing Commons will certainly alter the character of an area full of mom-and-pop shops selling pork buns, noodle soups and herbal remedies. Prices start at $650,000 for a one-bedroom with Swedish oak floors, quartz countertops and Italian porcelain tiles. Among the amenities for condo residents: a dog park, a reading room and Zen walking gardens. Two-bedrooms start at $850,000, three-bedrooms at $1.2 million and four-bedrooms at $2.5 million.

The project is being marketed to Chinese buyers, particularly new arrivals. The glossy residential brochure, translated into Chinese, highlights the area’s rich Asian culture, describing a place “where deep-rooted traditions and the authentic foods and flavors of your homeland blend seamlessly with a multigenerational community.”

“Somebody that’s moving from China, they’re not going to want to live in the West Village and eat at the Spotted Pig,” said Helen Lee, an executive vice president of F & T Group, referring to the popular Manhattan restaurant. “It makes no sense. They don’t speak English.”

But the merchants toiling in the mostly Korean-owned shops along Union Street see Flushing Commons as a threat to their livelihoods. Foot traffic has dwindled since construction began, according to Ikhwan Rim, the president of the Union Street Small Business Association, which represents about 150 businesses.

Shopkeepers also worry that once the project is complete, customers will favor the upscale Flushing Commons shops and restaurants over the older businesses nearby. Turnover has spiked since construction began, with about a third of the 150 businesses along Union Street replaced by new ones, said Mr. Rim, who owns Rim’s Fine Jewelry on Union Street. “We’re sitting ducks just waiting for businesses to close down,” he said. “Your neighbors are one by one leaving and it’s not a good sight.”

Merchants also worry that the higher parking fees have cost them the customers who plan to buy only inexpensive items like pastries or dumplings. But the lot is now privately owned and rates were set according to an agreement between the developer and the city. According to Mr. Meyer of the F & T Group, they are below current market rate.

To alleviate the strain of years of construction, the city provided local businesses with $2.25 million for marketing and other support. And the Department of Transportation has taken steps to ease traffic congestion in a transit hub that includes a subway station, a Long Island Rail Road station and 22 bus routes.

“The impact is there, so then the question becomes: How do we try to minimize that or bring the community together to take on the challenge?” said Christopher Kui, the executive director of Asian-Americans for Equality, which is managing the city funds for the businesses and has also provided about $1.5 million in microloans to 32 local businesses.

The temporary inconvenience, said Peter Koo, who represents Flushing on the New York City Council, is a worthwhile price to pay for the addition of more housing, a new Y.M.C.A. and a 1.5-acre plaza to the neighborhood. “This is an exciting development in our area,” he said. “It will create a lot of jobs and a lot of tax revenue for the city.”
======================
http://www.nytimes.com/2015/08/30/re...s&emc=rss&_r=1
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Old Posted Aug 29, 2015, 3:41 AM
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Old Posted Oct 8, 2015, 8:05 PM
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Under Construction: Office Condos at Flushing Commons



Quote:
The developer and owner’s mega-project under construction, called Flushing Commons—a 1.8-million-square-foot residential, retail and office complex in the northeast Queens neighborhood—is starting with construction of a glassy office condominium building at 38-18 Union Street at 39th Street. It’s being developed with The Rockefeller Group and AECOM Capital.

The structure is slated for completion by November 2016. Marketing began quietly in mid-September for spaces in the building and 50 percent of the building is already spoken for, according to Helen Lee, an executive vice president with the developer.

Commercial condos in Flushing aren’t a new concept, though. The neighborhood has a number of projects offering sales instead of rentals, because the Asian population that dominates the area prefers to buy, some experts say.

“Owning has always been important to the Asian demographic,” Ms. Lee said. “When you purchase a condo, as opposed to renting, you are purchasing free and clear. The Asian mentality is they want to build equity, and real estate is a very popular asset class to do that. They prefer to do that over speculative trading.”

The office condo building will feature units ranging from 1,200 to 4,000 square feet. But if buyers want larger spaces, F&T Group can combine condos for bigger units. Prices range from $1.4 million to $4 million or about $1,000 per square foot. However, Ms. Lee said that they have signed a deal for as much as $1,100 per square foot.

The 164,000-square-foot building will be LEED-certified. Two of its environmentally sustainable features include better insulated glass walls that reduce energy consumption and an energy-efficient water system. The office building will also have bike storage, a 24-hour staffed lobby and four high-speed elevators.

Parking won’t be an issue for employees in the building, either. Flushing Commons is replacing a 1,100-vehicle municipal surface parking lot, and when the entire project is completed, there will be 1,600 underground municipal parking spaces.

==========================
http://commercialobserver.com/2015/1...shing-commons/
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Old Posted Mar 30, 2016, 12:05 AM
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Quote:
The two buildings that represent Phase I of Flushing Commons topped out on March 18. That includes a 14-story residential condominium building at 138-35 39th Avenue and an 11-story office condominium building at 38-18 Union Street.

Phase II will see three more buildings and a 1.5-acre public plaza constructed.

As for what’s already standing, it has been designed by Perkins Eastman Architects, with landscape work by Thomas Balsley Associates, and built by Tishman Construction.

There are 46 one-bedrooms ranging from 600 to 850 square feet and starting from $900,000, 81 two-bedrooms ranging from 950 to 1,380 square feet and starting from $1.2 million, and 19 three-bedrooms ranging from 1,250 to 2,100 square feet and starting at $1.8 million. There are also two four-bedrooms that are at least 2,200 square feet in area.

That includes 18 penthouses of varying configuration and prices that go upwards of $3 million. Most of the units have already sold and about half of the penthouses have also sold. Closings are expected in the fourth quarter of 2016.
=======================
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Old Posted Jun 15, 2017, 10:40 PM
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Pic by me. Taken 6/15/17

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Old Posted Jun 16, 2017, 4:51 PM
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^ That isn't Flushing Commons though.
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Old Posted Aug 23, 2017, 12:26 AM
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Flushing Commons megaproject nears completion on its first phase



Quote:
A little over three years after Flushing’s $1 billion megaproject broke ground, Flushing Commons is now gearing up to welcome its first set of residents (some have already moved in). Closings have been underway for some time now at the megaproject’s 17-story condo building at 138-35 39th Avenue, which is part of Phase I of development. Also part of this phase is a 12-story office condo building at 38-08 Union Street.

The overall 1.8 million-square foot Flushing Commons is a collaboration between the F&T Group, AECOM Capital, and the Rockefeller Group. Sales on the 17-story condo building’s 148 apartments got underway in 2015, and that building, along with the office tower topped out in March last year.

Now 98 percent of the condos here have sold and the development team has also debuted a model penthouse; a three-bedroom, three-bathroom condo that spans 1,588 square feet, and is on the market for $1.99 million. Only a couple of other condos at the building, both asking upwards of $2 million, are still up for grabs.
======================
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