'Flushed' With Potential
BY MACK THAM

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 unparalleled accessibility to worldclass recreational amenities.

Transforming Flushing into a regional destination will come largely 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 who settled in the area. Flushing now has the largest Chinese community in New York City. In 2000, 58.5 percent of the population was foreign-born, compared to 35.9 percent citywide.

Flushing is one of the city's fastestgrowing 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 St. Capital infusion such as this will continue to make Flushing a flourishing marketplace and open New York City'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 percent in Flushing (compared to 9.6 percent citywide) and job growth was 12.1 percent (compared to 6.9 percent citywide). In 2004, approximately $1.2 billion in wages were paid in Flushing, representing an increase of 8 percent from the previous year, a faster rate than citywide.

Many immigrant-owned businesses in New York City 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 percent, while the city as a whole declined 1.9 percent. The area's fastest growing sector is finance and insurance, which expanded by 11.7 percent 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. 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, 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 theater, 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 buildings are built in the neighborhood, and when and where they are built. 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 framework outlines a land-use planning strategy for strengthening Flushing as a super-regional center and capturing its vibrant mix of cultures and ethnicities.

The revitalization of Flushing is going full steam ahead. In 10 years, Downtown Flushing will be an even more 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 New York State Attorney General's Office.

Flushing has a very limited downtown area and only a few blocks are zoned 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 longstanding 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 Point, aka 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 New York City'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 US 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 and 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.

Mack Tham is a broker with Massey Knakal Realty Services.