NEW YORK | Willets Point Development (Flushing)

[chris08876]

Mets owner airs development plans for space around Citi Field
Steve Cohen focused on open space, entertainment for 50-acre area

New York Mets owner Steve Cohen has big plans for 50 acres around the team’s ballpark in Queens.

Cohen is seeking community input for the area around Citi Field in a visioning session aimed at furthering his priorities and prior discussions with community groups and leaders. His stated mission for the development includes eliminating vacant space and removing barriers dividing neighborhoods from each other and the Flushing Bay waterfront.

Cohen’s vision for the space includes building green spaces, increasing waterfront access and expanding walkability and transit options.

A central focus is also bringing “year-round entertainment” to the area, which typically hosts most of its events — i.e. baseball games and concerts — during the spring and summer months.

Mention of a “casino” was absent from the press release, but Cohen’s pursuit for one next to Citi Field is well known. Cohen was reported earlier this year to have pitched Mayor Eric Adams and City Hall officials on a casino in the Citi Field parking lot. But the push for a casino by Cohen and potential partner Hard Rock is a tricky one, as even the parking lot is mired in lease and bond agreements; the area around Citi Field has been notoriously difficult to develop.

The land for which Cohen is seeking public input is separate from the Willets Point development plan, which is east of Cohen’s tract, according to Queens Post.

Related Companies and Sterling Equities last month reached an agreement to develop 2,500 affordable housing units across 23 acres, as well as a 250-key hotel and a 25,000-seat soccer stadium for Major League Soccer’s New York City Football Club.

Cohen is putting his dream of bringing year-round entertainment to the area in an early test. He’s set to host a visioning session in the afternoon on Jan. 7 at the ballpark.

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https://therealdeal.com/2022/12/20/m...nd-citi-field/

[NYguy]

https://www.pincusco.com/related-com...willets-point/


Related Companies signs $430.8M construction loan for development in Willets Point


December 7, 2023

Related Companies through the entity Willets Point Phase I Housing Development Fund as borrower signed a new construction loan with lender NYC Housing Development Corporation valued at $430.8 million for three parcel development site at 126-20 Willets Point Boulevard in Willets Point, Queens.
On these lots, there are two active new building construction projects and major alteration projects with initial costs more than $5 million, totaling 850,233 square feet. The largest is a new building project for a 534-unit, 521,402 square-foot R-2 building submitted by Related Companies and filed by Frank Monterisi with plans filed November 3, 2022 and it has not been permitted yet. The second largest is a new building project for a 347-unit, 328,831 square-foot R-2 building submitted by Related Companies and filed by Frank Monterisi with plans filed November 3, 2022 and it has not been permitted yet.

The deal closed on November 21, 2023 and was recorded on December 6, 2023. The three properties have zero square feet of built space and 356,724 square feet of additional air rights for a total buildable of 356,724 square feet according to a PincusCo analysis of city data. The loan price per built square foot is $N/A and the price per buildable square foot is $1,207 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)

The signatory for Related Companies was Frank Monterisi.

[mrnyc]

from the other day and yeah probably the worst dirty window 7 train pic ever lol, but at least you can get an idea of the enormity of this development --

[NYguy]

It's time to bring some life to that area.

[NYguy]

[NYguy]

• Video Link

[mrnyc]

100% affordable housing — now that is impressively terrific.

[NYguy]

Originally Posted by mrnyc

100% affordable housing — now that is impressively terrific.

The City needs more of it where possible. The state needs to remove that FAR limit ASAP. I know they are looking to jump from a 12 to 15, a 20% increase. But I think that's too timid. There is a shortage of housing in the city, and they need to do everything they can to make building more housing both possible and attractive for developers. And there's no earthly reason why NYC should have the same maximum housing density as some small town upstate. Just ridiculous.

One other thing is, there could have been a lot more housing in Willets Point, had they decided to put the soccer stadium on the opposite side of Citi Field where Cohen wants to put a casino. You would have had better luck with that, with the bonus of using the current site for more housing. But, I'm not in charge of things.

[mrnyc]

^ i can’t think of a place where any FAR at all makes less sense than here.

the only limits should be via the faa.

and yes cohen’s yet indeterminant casino dream has rather mucked up planning.

it should be a tabla rasa, but we always have these obstructions to deal with.

[Busy Bee]

Originally Posted by NYguy

The City needs more of it where possible. The state needs to remove that FAR limit ASAP. I know they are looking to jump from a 12 to 15, a 20% increase. But I think that's too timid. There is a shortage of housing in the city, and they need to do everything they can to make building more housing both possible and attractive for developers. And there's no earthly reason why NYC should have the same maximum housing density as some small town upstate. Just ridiculous.

Yes.

One other thing is, there could have been a lot more housing in Willets Point, had they decided to put the soccer stadium on the opposite side of Citi Field where Cohen wants to put a casino. You would have had better luck with that, with the bonus of using the current site for more housing. But, I'm not in charge of things.

Or even better parked next to the house that Ruth built in the Bronx but whatever...

[NYguy]

https://pix11.com/news/local-news/qu...inal-approval/

Willets Point stadium, housing development gets final approval


by: Eileen Lehpamer
May 22, 2024

It is a done deal!

The Queens Borough Board voted to approve the land lease agreement for Phase 2 of the Willets Point redevelopment.

The New York City Council had already approved the project in April, but pursuant to 384(b)(4) of the New York City Charter, the Borough Board had to vote.

Phase 2 includes the building of a professional soccer stadium, a 250-room hotel and 1400 affordable housing units. Construction has already begun on phase one, which includes 1100 affordable apartments.

“We scored a huge GOOOAALLL for Queens! What better place to have a deal like this done than in the most diverse county in the United States, Queens,” Queens Borough President Donovan Richards told PIX11 News after a brief meeting Wednesday night.

“during an affordable housing crisis, to be able to put thousands of units online, of 100% affordability, 15% set aside for what will now be the formerly homeless is a big win,” Richards added.

There has been no official date set yet for groundbreaking on Phase 2.

[NYguy]

Mark 2400