6
QUEENS WEEKLY, MARCH 3, 2019
One Flushing housing development opens
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BY CARLOTTA MOHAMED
The largest affordable
housing development in the
heart of Downtown Flushing
welcomed new residents
with a festive opening celebration
and ribbon-cutting
ceremony last week.
Officials from the city’s
Department of Housing
Preservation and Development
(HDP) and the New
York City Housing Development
Corporation (HDC)
joined project managers
and community leaders on
Feb. 21 to celebrate the completion
of One Flushing.
The innovative 231-unit
intergenerational residential
project, located at 133-
45 41st Ave. adjacent to the
Flushing-Main Street LIRR
Station, was developed by
Monadnock Development
and two non-profit organizations
with deep community
roots: Asian Americans for
Equality (AAFE) and The
Hellenic Neighborhood Action
Committee (HANAC).
“We are thrilled to welcome
the first residents to
this transformational project
in a neighborhood that
AAFE has served for so
many years,” said Thomas
Yu and Jennifer Sun,
AAFE co-executive directors.
“One Flushing not
only addresses a critical
need for affordable housing
in our community, it will
enable Asian Americans
for Equality to expand services
for empowering immigrants
and low-income
families to realize their full
potential, and supporting
the wellness of our multigenerational
community.”
The city awarded a
contract to the developers
in 2015 to transform cityowned
land into a vibrant
new community resource.
One Flushing was the first
project to incorporate the
city’s pioneering Mandatory
Inclusionary Housing
Program (MIH), which was
enacted in 2016 and creates
permanently affordable
housing in designated
areas that are rezoned for
increased density. The
285,000 square foot state-ofthe
art complex was completed
by Monadnock on
time and on budget.
It was designed by Bernheimer
Architecture with
SLCE Architects serving as
executive architect.
“At One Flushing, we
created a new model for
building affordable housing
in which diverse communities
support themselves and
each other,” said Monadnock
Development Vice
President Frank Dubinsky.
The 10-story complex
includes apartments ranging
in size from studios to
three-bedrooms and serves
very low-, and moderateincome
individuals and
families, and includes 66
units reserved for very lowincome
senior residents
(age 62 or older). A total of
117 units will be permanently
affordable, in part
due to the development’s
participation in the city’s
MIH Program.
Additionally, One Flushing
features 22,000 square
feet of ground floor retail
space for local Flushing
businesses, 15,000 square
feet of community facility
space, a 24-hour doorman,
children’s playroom, gym,
landscaped rooftop terraces
and a rooftop farm,
with programming coordinated
by GrowNYC and
building residents. There
are also 156 public parking
spaces located in an
underground garage.
The roof features a
134kW solar array, one of
the largest in any multifamily
project. The facility
includes offices for AAFE’s
array of immigrant and social
services, as well as a
branch of the AAFE Care
Senior Center, which provides
adult day care and
other support services for
senior residents of One
Flushing, as well as for the
general public. One Flushing
will also serve as a new
home for Renaissance Economic
Development Corp.,
AAFE’s small business affiliate,
which offers low-interest
loans and training to
immigrant entrepreneurs.
According to City Councilman
Peter Koo, a staggering
84,000 applications were
received for only 231 units,
clearly demonstrating the
critical need to build affordable
housing units, especially
for seniors.
“One Flushing is a
prime example of a development
that is responsive
to community needs,” said
Koo. “This is the second
100 percent affordable development
we’ve built in
Flushing during my term,
and I am extremely grateful
to AAFE, HPD, and all the
stakeholders who stayed
focused on the ultimate
goal of this project, which
was to build communityoriented
affordable housing
in Flushing.”
The project was financed
through nearly $116 million
in public and private investment
utilizing HPD and
HDC’s Mix & Match program.
HDC provided more
than $23 million in taxexempt
bonds, almost $32
million in recycled bonds,
$14.5 million in corporate
reserves, and HPD provided
approximately $15.4 million
in city subsidy.
The project benefits
from low-income housing
tax credits that generated
more than $21 million in
tax credit equity. Goldman
Sachs was the tax-credit
investor and Citi provided
the construction financing
via a back-to-back loan
structure. In addition, valuable
Reso A funding was
dedicated to the project,
with $647,000 attributed to
Council Member Koo and
$300,000 from Borough
President Katz.
“We are honored to work
with great partners who
have created an inclusive
community for hundreds of
families,” said Sherry Wang,
managing director in the
Goldman Sachs Urban Investment
Group. “Not only
will One Flushing provide
homes that are permanently
affordable, it will also connect
residents with pathways
to financial stability and
economic opportunity.”
State Sen. Toby Ann
Stavisky said the new development
is a “superb new
community resource.”
“The name ‘One Flushing’
symbolizes the fact
that while people come
from all over the world, we
celebrate our traditions,
but take pride in our unity,”
said Stavisky.
Reach reporter Carlotta
Mohamed by e-mail at cmohamed@
schnepsmedia.com
or by phone at (718) 260–
4526.
City officials join AAFE, HANAC and Monadnock Development to celebrate the completion of
One Flushing, a 231-unit multi-family affordable housing development located in the heart of
downtown Flushing. Photo by Carlotta Mohamed
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/schnepsmedia.com
