After years of hurdles, a 144-unit affordable and senior housing project in Forest Hills, Queens, has secured financing and is set to break ground. TD Bank loaned $37.5 million for construction, while Community Preservation Corp is providing a $40 million long-term loan. On the public side, the city is providing $71 million from a program for senior housing.
The blighted shell of a long-vacant hospital in Forest Hills is set to become a new affordable housing site for seniors and low-income New Yorkers.
A joint venture involving Foxy Development and Selfhelp Realty Group announced plans Wednesday to redevelop a vacant hospital in Queens’ Forest Hills neighborhood.
Construction has begun on an intergenerational affordable housing development at the site of a long-vacant hospital in Forest Hills. Foxy Development and Selfhelp Realty Group on Wednesday announced work has begun on The Perennial, a mixed-use project that converts the existing Parkway Hospital building, inactive since 2008, into 145 affordable apartments for seniors and families.
The joint venture partnership of Foxy Development and Selfhelp Realty Group has closed on financing and begun construction of The Perennial, a 145-unit intergenerational affordable housing property that will also include the future home of the Forest Hills Jewish Center (FHJC).
A partnership between two local owner-operators, Foxy Development and Selfhelp Realty Group, has broken ground on The Perennial, a $150 million affordable housing project that will be located in the Forest Hills neighborhood of Queens.
The shell of a building that was once Parkway Hospital in Forest Hills has been empty for nearly 20 years. At long last, it’s being redeveloped.
Developers and local leaders ceremonially broke glass on Wednesday to mark the start of construction at the former Parkway Hospital, which has sat vacant since 2008.
On Wednesday, September 17, 10:00am, city agencies, elected state and city officials, co-developers Foxy Management and Selfhelp Realty Group, and the community came together to celebrate the start of construction for the most complex private/public development in recent New York City history: the “Glassbreaking” and Groundbreaking for the $150M redevelopment of the vacant Parkway Hospital into The Perennial, a vibrant, intergenerational, 145-unit affordable and senior housing at 70-35 113th Street. The existing building will be completely renovated and expanded by 50,000sf, removing blight from the picturesque Forest Hills neighborhood, while providing the first deeply affordable senior housing in the area.
