Flushing Commons Developers: Project Already an “Uncommon Success”

(Queens Tribune) Roughly a year before phase one of the transformative Flushing Commons residential and commercial mega-project is set to be complete, the developers are characterizing it as an “uncommon success.”

An October press release from the F & T Group, the Rockefeller Group and AECOM Capital, who joined forces to get the often delayed development off the ground, said that more than 50 percent of the office and condominium units landed in contract within one month of an early September 2015 sales launch. “Prospective buyers have recognized the huge opportunity in front of them,” said Helen Lee, executive vice president of F & T Group, who oversees marketing and sales for Flushing Commons. “We have spent years researching what our buyers are seeking in a luxury product, and we believe these strong sales show that Flushing Commons has exceeded their expectations.”

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A Queen’s ransom: The priciest new Queens developments by total sellout

(The Real Deal) Though nowhere near the stratospheric prices seen in Manhattan, new projects in Queens with residential components are making their mark.

Flushing Commons, with a projected sellout of $386 million, is the most expensive new project in the borough, according to an analysis by The Real Deal. The project, with 148 apartment units, appears to be the priciest offering in the borough since at least 2000. Phase one of the condominium, which is being developed by F & T Group, The Rockefeller Group and AECOM Capital, broke ground in 2014. The development will also feature 75 office condos priced from $1.38 million to over $4 million.

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NEW DEVELOPMENT

(Real Estate Weekly) On the heels of announcing that more than 50 percent of the office condominium units in Phase I of Flushing Commons have gone into contract, developers F & T Group, The Rockefeller Group and AECOM Capital announced that 50 percent of the condominiums in the 148-unit residential building being developed in Phase I also went into contract less than a month after sales officially launched.

The two buildings are part of Phase I of the 1.8-million-square-foot, transit-oriented, mixed-use development, set to include residential, office, retail, parking and community space, as well as the first open-air public space in Downtown Flushing.

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Asian investors are snapping up NYC’s most prized properties

(New York Post) New York’s property market isn’t just booming locally — it’s tempting real estate companies from around the world. In particular, a surge of Asian investors has dominated the scene in recent years, picking up trophy properties across Gotham.

According to commercial analysts Real Capital Analytics, China ranks first in Manhattan purchases by foreign investors in 2015.

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Half of Flushing Commons office condos sold

(Times Ledger) Less than a month after sales started, more than 50 percent of the units are in contract for Flushing Commons’ office-condominium building.

The building is part of a 1.8-million-square-foot mixed-use development currently underway.

Flushing Commons will turn the former municipal parking lot at 39th Avenue and Union Street into a mixed-use development that will include residential, office, retail, parking and community space. It will also include the first open-air public space in downtown Flushing.

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More than half of the office condos at Flushing Commons site sold

(Queens Courier) It’s going, going, (almost) gone at Flushing Commons.

In less than one month of sales, more than 50 percent of the Flushing Commons Phase I office-condominium units have been sold. The first phase includes a 148-unit residential building housing one-, two-, three- and four-bedroom residences, a commercial building with 75 office condominiums, as well as retail space.

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Flushing Becomes a Draw for Developers

(Wall Street Journal) The Queens neighborhood of Flushing already boasts a robust shopping scene with jam-packed sidewalks, but developers and real-estate investors are betting on more retail growth fueled by an expanding upscale residential market.

Developers have carved out significant portions of retail space in new and planned mixed-use projects that fan out from the popular shopping corridors of Main Street and Roosevelt Avenue, an area considered one of the largest centers of the city’s Asian population.

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Under Construction: Office Condos at Flushing Commons

(Commercial Observer) Not all companies want to be based in Manhattan or Brooklyn—F&T Group is betting many are willing to take a chance on the city’s largest Chinatown: Flushing, Queens.  

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.

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Flushing in flux

(The Real Deal) On a recent weeknight, three shiny Mercedes slowly eased through a short block in downtown Flushing, the drivers’ eyes patrolling for open parking spots. Hands heavy with shopping bags, passengers streamed in and out of the 7 train station, and a group of college-aged friends made their way to a Michelin Guide-recommended dumpling shop, nestled on a one-story retail strip that now lies between two new high-rises.

This is Flushing in flux: luxury condos, name-brand retail and hotels, and office space are bringing more people — and more real estate speculation — to the area.

“What I like to call the ‘Renaissance of Flushing’ is happening right now,” Richard Siu, the chief investment officer of Flushing-based developer F&T Group, told The Real Deal.

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Queens: The land of mega projects

(The Real Deal) There are more than a dozen bridge, tunnel, subway and ferry routes between Manhattan and Queens, and residential developers want you to know it.

Overall, there are more than 22 million square feet under development in Queens, according to The Real Deal’s analysis of building permits and offering plans filed between Jan. 1, 2011 and July 31, 2015. That pipeline is expected to bring more than 24,000 residential units to the borough, TRD found.

But some say that number may be even higher, since official plans haven’t been filed yet for some of the mega-projects set to rise along the Queens waterfront.

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