Transforming Flushing into regional destination.

Flushing, at the northern section of the borough of Queens, is one of the most vibrant and dynamic neighborhoods in New York City. Very few neighborhoods have as much energy and potential due to its untapped resources, people, waterfront and an unparalleled accessibility to world-class recreational amenities.

Transforming Flushing into a regional destination will largely come from taking advantage of the neighborhood's extensive transportation network. Each day, more than 50,000 commuters transfer between the Long Island Rail Road, the Flushing Main Street subway line and public and private buses. The neighborhood's close proximity to New York City's two major airports has attracted waves of new immigrants settling in the area. Flushing now has the largest Chinese community in NYC. In 2000, 58.5% of the population was foreign-born, compared to 35.9% citywide.

Flushing is one of the city's fastest-growing commercial districts. The area is taking advantage of the current economic boom in Asia by luring new investors and companies to establish an American presence. For example, Scottrade online brokerage opened its first Asia Pacific branch at 36-60 Main Street. Capital infusion such as this will continue to make Flushing a flourishing marketplace and open NYC's economy to a vast new world.

Flushing was already prospering before this recent attention. The Center for an Urban Future, a non-partisan think-tank, released some very compelling data: between 1994 and 2004, the number of businesses grew by 54.6% in Flushing (compared to 9.6% citywide) and job growth was 12.1% (compared to 6.9% citywide). In 2004, approximately $1.2 billion in wages were paid in Flushing, representing an increase of 8% from the previous year, a faster rate than citywide.

Many immigrant-owned businesses in NYC continued to create jobs even during the slowdown in the economy after 9/11. The total jobs in the Flushing-Murray Hill area increased by 16.2%, while the city as a whole declined 1.9%. The area's fastest growing sector is finance and insurance which expanded by 11.7% between 2003 and 2004. Downtown Flushing boasts more than 800 businesses, including at least 30 banks. As of June 2006, its banks and financial services held more than $3.7 trillion in assets.

Flushing's home ownership is higher than the Queens average. One can say what drives this thriving neighborhood is the ethnic tradition and culture of entrepreneurship and ownership. In a way, Flushing has always done it on its own.

In 1991, pioneering Taiwanese developer Michael Lee of TDC Development purchased a large development site. He took a huge chance in the neighborhood and developed the now very successful Sheraton LaGuardia East Hotel. Over the next few years, Mr. Lee continued to develop and own a series of developments in Flushing: the TDC Center, Flushing Mall, Sanford Tower and the Prince Center. Even TDC's soon-to-be-completed $110 million, 12-story office condominium, Queens Crossing, will be dwarfed by its own next mega $410 million, mixed-use project--Flushing Commons. Developed together with the Rockefeller Development Corporation, Flushing Commons will have 390,000 square feet of retail space, a multiplex theatre, 517 residential units, a 200-room hotel, 15,000 square feet of space for small professional businesses and 88,000 square feet of community space.

As the government and community come together to deliberate on several major proposed projects, their actions as leaders, residents and consumers influence what, when and where they are built in the neighborhood. The "Development Framework--Downtown Flushing, 2004" is the concerted result of city and state agencies, local elected officials, advocacy groups and local business and community leaders. This frame work outlines a land-use planning strategy for strengthening Flushing as a super-regional center and capturing its vibrant mix of cultures and ethnicities. It is going full steam ahead in the revitalization of Flushing. In 10 years, Downtown Flushing will be even more of an exciting place. Leviev Boymelgreen has plans to restore the former RKO Keith's Theatre and develop 200 residential units above it. Between 2005 and 2006, roughly 950 condo and co-op units have been submitted for approval to the NYS Attorney General's Office.

Flushing has a very limited downtown area and only a few blocks are zoned for commercial. The Flushing Riverfront is seen as a unifying element between Downtown Flushing and Willets Point. The ultimate goal is to create an expanded Flushing core to the west and across the Flushing River. A long standing brownfield on the waterfront will be transformed into a magnificent retail and housing development by Muss Development. When completed in 2009, the Flushing Town Center on College Point Boulevard will feature 800,000 square feet of retail and more than 1,100 residential units. The revitalized waterfront will have open space and create new development that attracts residents and visitors to Flushing.

There is a $3 billion effort to redevelop the 13-block area of Willets Points, a.k.a, the Iron Triangle, to serve as a connector between Downtown Flushing, the waterfront and the many attractions found in Flushing Meadows-Corona Park.

Flushing Meadows-Corona Park was the site of NYC's two world's fairs in 1939 and 1964. There are talks to bring a third one in 2012 or 2015. The USTA National Tennis Center hosts the U.S. Open, and the construction of its new indoor building will be ready by summer 2007. A $60 million, 70,000 square foot recreation complex--the largest ever built in a city park--will soon be completed. Additionally, the Mets' new 45,000-seat Citi Field, costing $600 million, is being built in Shea Stadium's parking lot and is scheduled to be completed in 2009. Other public projects include the Queens Botanical Garden Visitor & Administration Building, which first phase will be completed in Fall of 2007.

Flushing's variety is endless, yet it is not a microcosm of New York City. To become a super- regional center, Flushing has its people, waterfront and accessibility to many world-class amenities to tap as resources.

Transforming Flushing will require leveraging public and private commitment to mine its immense potential.

BY MACK THAM, BROKER,

MASSEY KNAKAL REALTY SERVICES