From the NY Post:
One of the big question marks hanging over Queens real estate is what will become of Flushing?
Some New Yorkers know Flushing as the last stop on the 7 train — one stop beyond Citi Field. Or, as the huge Chinatown with its treasure trove of Qingdao and Hunan and Szechuan restaurants.
But it has also been the focus of some serious real estate development activity within the last few years, with a lot more to come. Over the next couple of months, hundreds of new condo units will be hitting the market (that number is slated to balloon into the thousands in the next few years). Along with the first wave of residential buildings are a number of big-box stores. And offices, public space and hotels are all on the drawing board.
But adding dozens of new retail outlets and thousands of new condos in the middle of a recession always carries risk — and Flushing is no exception.
By far the biggest thing coming to the neighborhood is Sky View Parc, a $1 billion, 14-acre development that started construction in 2007 (and went through various freezes and thaws since construction started).
“Flushing, outside of Manhattan, is the most vibrant 24/7 community in all of New York,” says Michael Dana, president of Onex Real Estate Partners, which is developing Sky View Parc. “If you look at entertainment, food, culture, the economy is quite strong in that sub-market, but it’s dramatically under-served from a retail and residential perspective.”