Queens Borough President Melinda Katz, City Council Member Peter Koo, U.S. Rep. Grace Meng and State Sen.State Sen. Toby Ann Stavisky yesterday joined officials from the city’s Department of Housing Preservation and Development (HPD) and the Housing Development Corporation (HDC) to celebrate the completion of One Flushing and welcome residents home to this innovative 231-unit intergenerational residential project in the heart of Downtown Flushing.
One Flushing, located at 133-45 41st Avenue, adjacent to the Flushing-Main Street LIRR Station, the complex was developed by Monadnock Development and two nonprofit organizations with deep community roots; Asian Americans for Equality (AAFE) and HANAC.
The City awarded a contract to the developers in 2015 to transform city-owned 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-of-the-art complex was completed by Monadnock on time and on budget.
The 10-story project includes apartments ranging in size from studios to 3-bedrooms and serves very low-, low-, and moderate-income individuals and families, and includes 66 units reserved for very low-income 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.
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.
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.
“One Flushing is a prime example of a development that is responsive to community needs,” said Koo.”A staggering 84,000 applications were received for only 231 units, clearly demonstrating just how critical it is for our community to build real affordable housing, especially for seniors. This is the second 100% 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 community-oriented affordable housing in Flushing. Coupled with a new community space, I see the One Flushing development as a model for the future, and look forward to working with the city on the next opportunity for more affordable housing in Flushing.”
“One Flushing is a welcome addition to one of our city’s most vibrant neighborhoods,” said Katz. “This innovative, intergenerational housing development will bring 231 units of affordable housing to Flushing, along with much needed space for small businesses and community facilities.”
“I am delighted to participate in the opening of Asian American for Equality’s One Flushing in Queens,” said Stavisky. “One Flushing is a superb new community resource and clearly responds to the need for affordable housing. 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.”
“I’m thrilled to celebrate today’s ribbon cutting ceremony for One Flushing, a multi-use project that will include affordable rental apartments for low- and middle-income families and individuals,” said Meng. “I want to thank Asian Americans for Equality, Hellenic American Neighborhood Action Committee (HANAC), and Monadnock Development for their vision in bringing this multi-use residential project to Queens. Now, residents who will reside in the new building will have access to local businesses, community facilities, and a rooftop farm. I wish One Flushing much success and hope many local businesses will open up in the new building.”
“The opening of One Flushing marks a victory for New York, for the community and for the organizations who’ve worked patiently and thoughtfully to make this new residence and bountiful community resource possible,” said Liu. “Congratulations to AAFE, HANAC and Monadnock for making their extraordinary vision for the community a reality!”
“Affordable housing has been and remains the number one issue for constituents in my district, and its critical absence has been felt more and more across all of New York City,” said Assemblymember Ron Kim. “The completion of One Flushing represents a key step in our long, collective endeavor to secure more housing for our neighborhoods. From the beginning, I made sure we had a training session with AAFE to ensure all of my staff knew the ins and outs of the application process, and we helped countless local residents apply to the project for the duration of the application window. I congratulate AAFE, HANAC, and Monadnock Development on the successful completion of this project, and hope that it will spur even greater efforts to secure affordable housing for all New Yorkers.”
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 tax-exempt 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 (LIHTC) that generated more than $21 million in tax credit equity.
