New York City Economic Development Corporation Selects Developer to Transform Vacant Flushing Property into Community, Commercial, and Retail Space

Located In Heart of Flushing, on 40th Road by Main Street, the Property Has Remained Vacant Since 2005; Under NYCEDC Deal, Local Developer to Finally Revive Space, Create up to 12,000 SF Mixed-Use Development

New York , NY – December 19, 2012 – (RealEstateRama) — New York City Economic Development Corporation (NYCEDC) today announced the selection of Success 88 LLC, a local Queens developer, to transform a vacant property in the heart of Flushing, Queens into a vibrant mixed-use development. Located at 135-15 40th Road, the current building on the property has been vacant since 2005. Success 88 will build up to 12,000 square feet consisting of community and commercial space as well as ground floor retail. According to a 2011 report by the New York State Comptroller, Flushing grew 2% in population between 2000 and 2010, faster than the rest of Queens, and the number of businesses grew by 37.6% between 2000 and 2009. This project will build on that momentum by providing important new amenities that will benefit this thriving community.

“Today’s announcement will lead to the complete revitalization of this currently vacant site, creating new retail and commercial space, as well as space that will be specifically developed for community use,” said NYCEDC President Seth W. Pinsky. “In this way, the project will ensure the continued growth and success of this critical Queens neighborhood and the borough as a whole.”

“Success 88 LLC is grateful for the opportunity to turn the property on 40th Road into a prominent structure that will fit well into downtown Flushing,” said Success 88 LLC. “We are anxious to begin this exciting project that will benefit the local community. Our hopes are to develop a multi-use and multi-functional building that will blend well into the neighborhood, and provide growth potential for local small businesses. This will provide an economic boost to Flushing by creating new opportunities and jobs.”

“Flushing continues to thrive and this project located at 135-15 40th Road will add to the community’s economic growth,” said New York City Council Member Peter Koo. “I want to thank NYC Economic Development Corp for meeting with me and creating a project that reserved space for a community facility. I look forward to working with Success 88 and local leaders to find the best use for this new community space.”

Currently, the site contains a vacant 5,000 square foot building previously used as office space for the Department of Sanitation until it was structurally damaged by construction on an adjacent lot in 2005. Success 88 LLC was selected to purchase and redevelop the site based on its response to a Request for Proposals (RFP) issued by NYCEDC in December 2011. The principals of the company have a long history of developing and renovating properties across the City, including successfully completing over 30 projects in Queens since 1989.

As part of its agreement for the project, Success 88 LLC has committed to dedicating at least one story and no less than 1,000 square feet of the building to community space. The occupant of that space will be determined with input from the local community. The developer has also committed to use NYCEDC’s HireNYC program to create a targeted local hiring plan to fill the jobs generated by the project. HireNYC is a free City program that connects the City’s workforce development services to economic development projects.

About NYCEDC

New York City Economic Development Corporation is the City’s primary vehicle for promoting economic growth in each of the five boroughs. NYCEDC’s mission is to stimulate growth through expansion and redevelopment programs that encourage investment, generate prosperity and strengthen the City’s competitive position. NYCEDC serves as an advocate to the business community by building relationships with companies that allow them to take advantage of New York City’s many opportunities. Find us on Facebook or follow us on Twitter, or visit our blog to learn more about NYCEDC projects and initiatives.

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NYCEDC

New York City Economic Development Corporation (NYCEDC) is the City’s primary vehicle for promoting economic growth in each of the five boroughs. NYCEDC’s mission is to stimulate growth through expansion and redevelopment programs that encourage investment, generate prosperity and strengthen the City’s competitive position. NYCEDC serves as an advocate to the business community by building relationships with companies that allow them to take advantage of New York City’s many opportunities.

Contact:

Phone: (212) 619-5000

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