New York City Mayor Eric Adams on Monday unveiled a proposal to build approximately 3,000 homes and 60 acres of public space on the site of the former Flushing Airport in College Point, Queens. The development will be led by Cirrus Workforce Housing and LCOR Incorporated, with construction expected to begin in 2028.
After Adams issued an executive order last year requiring city agencies to identify potential sites for new housing, the New York City Economic Development Corporation led a competitive RFP process to identify a developer for the former Flushing Airport. The airport has been vacant since 1984.
“For too many decades, this valuable land has sat vacant, but our administration said it was time to change that,” said Adams. “We issued a landmark executive order to build housing on city-owned sites like this one and now, we are excited to announce we will create around 3,000 new homes at the site of the former Flushing Airport.”
The development team behind One Beverly Hills (1BH) said construction on the $10-billion luxury mixed-use project is proceeding ahead of schedule. The Beverly Hilton expansion structure topped out approximately 10 weeks ahead of schedule and one of the residential towers is progressing six weeks ahead. “This was accomplished while significant operations were maintained at The...
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Northwind Group has originated a $231-million first mortgage construction loan for 675 Third Ave., a 32-story, 337,000-square-foot office building in Manhattan’s Midtown East neighborhood that is slated for conversion into residential apartments. The conversion is being led by a joint venture between Nathan Berman’s Metro Loft Management and David Werner Real Estate Investments. Loan proceeds...
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Rental housing affordability declined in 82% of U.S. metropolitan areas between 2014 and 2023, with renters experiencing the equivalent of an average $256 annual reduction in income after accounting for changes in housing quality. That’s according to a new report released Tuesday by the Mortgage Bankers Association’s Research Institute for Housing America. The report, Housing...
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