New York Developer Bets on $800 Million Project to Make Queens Feel Like Shanghai (Wall Street Journal)

An $800 million development in Flushing, Queens, is poised to open in February with an array of upscale retail chain stores, cafes and restaurants that will be unrecognizable to most Americans.

The Tangram project will include the U.S. flagship location of Xiao Long Kan Hot Pot, a restaurant popular in China, and machi machi, a Taiwanese cafe known for its bubble teas. The site also features the first New York City location for Miniso, a Japanese-inspired purveyor of housewares and stationery.

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2021 Power of Diversity: Asian 100 – Richard Siu (City and State New York)

Asian Americans are gaining political power in New York. In 2018, John Liu and Kevin Thomas became the first Asian Americans elected to the state Senate. This year, they were joined by state Sen. Jeremy Cooney, the first upstate Asian American elected to state office. Jenifer Rajkumar and Zohran Mamdani also made history in last year’s elections as the first South Asians elected to the Assembly, where they joined fellow Asian American trailblazers Ron Kim and Yuh-Line Niou. Although Andrew Yang’s mayoral bid fizzled, as many as half a dozen Asian Americans are on track to secure seats in the New York City Council, up from two currently in office.

Of course, Asian Americans are not a monolithic group – a reality reflected on City & State’s latest Power of Diversity: Asian 100. The largest subgroups are Chinese and Indian Americans, and some of the most influential individuals – including Yang, Liu, Niou and Rep. Grace Meng – are Taiwanese Americans. Koreans also make up a sizable share of the list – which was researched and written in partnership with journalist Natasha Ishak – while Pakistan, the Philippines, Bangladesh, Sri Lanka, Cambodia, Indonesia and Vietnam are all represented as well.

Richard Siu

Chief Investment Officer, F&T Group

F&T Group is one of Flushing’s most active developers, with Richard Siu playing a lead role. As part of the FWRA developer consortium, the company won approval from the New York City Council for the controversial Special Flushing Waterfront District development. Its construction plan includes a 13-tower mixed-use complex of housing, hotels, offices and shops across 29 acres of land in Queens. In a 2016 interview, the company’s leadership spoke of their ambitions to turn the area into an “Asian Times Square.”

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The 2021 Queens Power 100 – Richard Siu (City and State New York)

When the first wave of the coronavirus pandemic hit New York, Queens quickly became an epicenter of the deadly virus. But thanks to the collective efforts of public officials, civic leaders and everyday New Yorkers, the borough is on the rebound. State Sen. Michael Gianaris, the No. 2 in the state Legislature’s upper house who also represents western Queens, has championed legislation instituting new protections for workers and tenants. State Sen. Jessica Ramos, who hails from Jackson Heights, spearheaded a measure that delivers badly needed assistance to undocumented immigrants. And Queens’ own Rep. Grace Meng has been speaking out loudly against rising xenophobia and hate crimes directed at Asian Americans during the pandemic.

These three lawmakers are among the many government officials – along with health care professionals, business executives, nonprofit leaders, union chiefs, advocates and activists of every stripe – who have responded forcefully to the public crisis as well as the economic shutdown that ensued. City & State’s latest Queens Power 100, which was researched and written in partnership with freelance journalist Clarissa Sosin, highlights the diverse array of leaders in the borough who are bringing it back from the brink.

Richard Siu

Chief Investment Officer, F&T Group

Richard Siu is the chief investment officer of F&T Group, one of the developers that make up the consortium FWRA LLC that’s behind the Flushing waterfront redevelopment. The controversial proposal, which was approved by the New York City Council late last year, will develop the rezoned parcel of land into a mix of residential, commercial and hotel properties. Whether or not the $2 billion project will help or push out residents in the neighborhood is a matter of fierce debate.

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2021 Notable in Real Estate Winner- Helen Lee (Crain’s New York Business)

As executive vice president of F&T Group, Helen Lee is working to help reshape the future of Flushing, Queens. Lee has been a visionary behind a number of developments. They include Queens Crossing, a multilevel mall; Flushing Commons, a two-building, mixed-use condominium; and 1 Fulton Square, a 330,000-square-foot development at the center of Flushing’s culinary scene. Lee is leading the creation of Tangram, a 1.2 million-square-foot, mixed-use condominium development that is almost finished. Meanwhile, F&T Group has recently embarked on its most ambitious project to date, the Special Flushing Waterfront District, a 13-building, mixed-use development, for which Lee and adjacent neighbors have received approval. The project will bring to life the longunderused Flushing Creek waterfront.

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NYC Council approves controversial development in Flushing, Queens (Daily News)

The City Council on Thursday gave a large development project in Flushing, Queens, the green light to move forward.

Lawmakers voted, 38 to 5, with one abstention, to approve plans to build more than 1,700 units of housing, three hotels, and office and retail space over 29 acres on the Flushing waterfront.

The project will provide “an economic shot in the arm for Flushing and the city at a time when we need it most,” said Councilman Peter Koo (D-Queens), who reps the neighborhood where the buildings will go up.

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City Council subcommittee approves Flushing waterfront rezoning after reaching deal with labor union (AM New York)

The City Council’s Subcommittee on Zoning and Franchises and its Committee on Land Use on Wednesday, Dec. 9, voted in favor of approving the Special Flushing Waterfront District — a 29-acre proposal that would bring waterfront access, environmental cleanup and new development to a decades-long isolated and polluted section of downtown Flushing.

The proposal will now move forward to the full council for a final vote on Thursday, Dec. 10.

After delaying the vote on the matter in recent days, the council’s Subcommittee on Zoning had announced reaching a deal with the labor unions, Hotel Trades Council (HTC) and SEIU 32BJ, to ensure good jobs, community benefits and more for the Special Flushing Waterfront District (SFWD).

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Flushing community unveils new public outdoor Christmas art installation (QNS)

Members of the Flushing community on Friday, Dec. 4, ushered in the holiday season with the annual unveiling of a new outdoor art installation that is serving as a symbol of hope for the community amid the COVID-19 pandemic.

For the 13th consecutive year, real estate firm F&T Group partnered with Crossing Art Gallery to bring artwork to downtown Flushing.

This year’s lively sculptural piece, “Hearts as One” is created by Asian-American artist Jaena Kwon, who has lived in Queens for five years. Kwon’s artwork will be on display until Jan. 31 at the Queens Crossing Outdoor Plaza (Outside of Paris Baguette bakery) at 136-17 39th Ave.

F&T Group unveils annual art installation (Real Estate Weekly)

F&T Group has unveiled a new outdoor art installation at the Queens Crossing Plaza in Flushing. As part of an annual collaboration with Crossing Art gallery, the unveiling has become a tradition for those who live and work in the neighborhood. This year’s work is from Asian American artist, Jaena Kwon, whose sculptural piece is titled “Hearts as One.”

F&T is the developer behind the 1.2 million s/f Tangram mixed use complex in Flushing and part of the Special Flushing Waterfront District team looking to activate 29 acres of inactive and underutilized land along Flushing Creek to create a public waterfront park.

“F&T Group is deeply rooted in the Flushing community. Our goal within every project and initiative we back is to bring the community together and to celebrate the immigrant roots Flushing was built upon. This inspiring installation is a display of creative passion and a reminder of the importance of visual arts, especially during the holidays and a challenging year,” said Michael Lee, CEO of F&T Group.

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SFWD owners dedicate space to La Jornada (Queens Chronicle)

Several days after a number of city councilmembers said the Special Flushing Waterfront District wouldn’t adequately serve the needs of the Flushing community, the development owners revealed they would dedicate space to child mentoring and senior recreational services.

FWRA, LLC and the La Jornada food pantry teamed up to serve more than 3,000 turkeys to families in Flushing Meadows Corona Park on Nov. 22. The developers had secured the funds after raising $67,148 for the benefit of La Jornada’s Bland Houses food pantry, which has seen lines wrap around Downtown Flushing blocks for several months during the crisis.

The developers revealed the event is the beginning of a long-tern relationship with La Jornada — the pantry has been offered 1,000 square feet of space within the new SFWD dedicated to neighborhood social services similar to ones FWRA had been chastised by opposers for not originally including in the plans.

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New model units unveiled at Tangram House, new luxury condominium in the heart of Flushing (City Realty)

While some new developments seek to transform their neighborhoods, Tangram House emphasizes its deep connection to Flushing. The 1.2 million-square-foot development plans to bring new housing, new office space, a four-star Renaissance Flushing Hotel, acclaimed international restaurants, and a 4DX Regal Cinemas, Flushing’s first movie theater in decades, to Queens. Some of these ventures look uncertain in light of the coronavirus pandemic, but the connection to the community has stayed consistent: At the height of the pandemic, developer F&T Group partnered with non-profit Asians in America to purchase and deliver meals from its food tenants to first responders.
On the residential side, Tangram House’s collection of studio through three-bedrooms features interiors by JG Neukomm Architecture, a firm famous for its work for Tiffany & Company, Calvin Klein, and Ian Schrager. A 15-year tax abatement is in effect, and residential amenities include a fitness center, indoor saltwater pool, tennis courts, spa with sauna and salt room, children’s playroom, library, and 1.5 acres of gardens.