NEW YORK CITY — 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 project is a conversion of the former Parkway Hospital building, which has been shuttered since 2008. Of the 145 total units, 124 will be senior units, 44 residences within which will be reserved for formerly homeless individuals. The remaining apartments will be family units. All residences will be reserved for households earning 50 percent or less of the area median income. Project partners include architect Newman Design, Cityscape Engineering, Suffolk Construction and MEP engineer Mottola Rini. TD Bank provided construction financing for the project, and The Community Preservation Corp. will provide permanent financing. Construction is expected to be complete in late 2027.
The Perennial, a new affordable housing project in Queens, is a redevelopment of a former hospital. In 2022, the property was sold to a Queens-based developer, who struck a deal to donate the hospital building while retaining the parking lot to develop into a market-rate multifamily property. This development structure allowed Foxy Development to leverage the public financing resources necessary to develop the project and fulfill the site’s mandatory inclusionary housing requirement.
Foxy Development, Selfhelp Realty Break Ground on $150M Affordable Housing Project in Queens
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