December 14, 2020
Press Release
New York – In what is one of the largest private investments in New York, Stroock announced the December 10th approval from the New York City Council on behalf of a coalition of three developers, organized as FWRA LLC, for a plan to create a new Special Flushing Waterfront District alongside Flushing Creek in Queens, NY.
The new waterfront district will allow the owners to transform and clean up a dilapidated, contaminated area into a new publicly accessible, two million square foot plus neighborhood with residential, hotel and commercial spaces as well as a new public privately funded waterfront esplanade, road network and open space for the downtown Flushing community. As part of the new district, a new Mandatory Inclusionary Housing area will be established to provide affordable housing for the Flushing area.
“We are thrilled the New York City Council saw the breadth of the benefits of our client’s community based plan which includes partnerships with local organizations to ensure the local community directly benefits from this project, thousands of new jobs, public access to the waterfront and a privately maintained public road network,” said Stroock partner Ross Moskowitz, head of the firm’s land use & zoning practice and one of the lead attorneys representing FRWA in this initiative. “Overall, we’re excited that after many attempts , the downtown Flushing community will be the beneficiary of this transformative economic development project.”
In addition to lead attorneys Ross Moskowitz and Ashley Doukas, the Stroock team representing FRWA also included Real Estate lawyers John Egnatios-Beene, Eva Schneider; Corporate Practice partner Bradley Kulman and paralegal Maureen Yuen.
The project is expected to contribute $116 million in property-tax revenue annually to the City, in addition to affordable housing, high-quality union jobs, resources for small businesses, educational programming and community space.
Stroock’s national Real Estate Group is a one-stop shop, drawing on extensive experience in virtually every aspect of commercial real estate, infrastructure and PropTech to ensure our clients meet all of their investment and operations goals. Our team regularly assists clients with office buildings, regional malls, hotels, self-storage, university campuses and dorms, senior housing and assisted living facilities, shopping centers, residential developments, industrial parks, warehouses and every other type of property.
Stroock provides strategic transactional, regulatory and litigation advice to advance the business objectives of leading financial institutions, multinational corporations and entrepreneurial businesses in the U.S. and globally. With a rich history dating back 145 years, the firm has offices in New York, Los Angeles, Miami and Washington, D.C. For more, visit www.stroock.com.
December 14, 2020
Press Release
New York – In what is one of the largest private investments in New York, Stroock announced the December 10th approval from the New York City Council on behalf of a coalition of three developers, organized as FWRA LLC, for a plan to create a new Special Flushing Waterfront District alongside Flushing Creek in Queens, NY.
The new waterfront district will allow the owners to transform and clean up a dilapidated, contaminated area into a new publicly accessible, two million square foot plus neighborhood with residential, hotel and commercial spaces as well as a new public privately funded waterfront esplanade, road network and open space for the downtown Flushing community. As part of the new district, a new Mandatory Inclusionary Housing area will be established to provide affordable housing for the Flushing area.
“We are thrilled the New York City Council saw the breadth of the benefits of our client’s community based plan which includes partnerships with local organizations to ensure the local community directly benefits from this project, thousands of new jobs, public access to the waterfront and a privately maintained public road network,” said Stroock partner Ross Moskowitz, head of the firm’s land use & zoning practice and one of the lead attorneys representing FRWA in this initiative. “Overall, we’re excited that after many attempts , the downtown Flushing community will be the beneficiary of this transformative economic development project.”
In addition to lead attorneys Ross Moskowitz and Ashley Doukas, the Stroock team representing FRWA also included Real Estate lawyers John Egnatios-Beene, Eva Schneider; Corporate Practice partner Bradley Kulman and paralegal Maureen Yuen.
The project is expected to contribute $116 million in property-tax revenue annually to the City, in addition to affordable housing, high-quality union jobs, resources for small businesses, educational programming and community space.
Stroock’s national Real Estate Group is a one-stop shop, drawing on extensive experience in virtually every aspect of commercial real estate, infrastructure and PropTech to ensure our clients meet all of their investment and operations goals. Our team regularly assists clients with office buildings, regional malls, hotels, self-storage, university campuses and dorms, senior housing and assisted living facilities, shopping centers, residential developments, industrial parks, warehouses and every other type of property.
Stroock provides strategic transactional, regulatory and litigation advice to advance the business objectives of leading financial institutions, multinational corporations and entrepreneurial businesses in the U.S. and globally. With a rich history dating back 145 years, the firm has offices in New York, Los Angeles, Miami and Washington, D.C. For more, visit www.stroock.com.
