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2w ago

Construction Begins on Parkway Hospital Conversion to 145 Affordable Homes in Forest Hills

City support keeps senior rents capped at 30% of income.

The Perennial, a new affordable housing project in Queens, in 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.

Overview

  • A Foxy Development–Selfhelp joint venture closed financing that includes a $37.5 million TD Bank construction loan, a $40.14 million CPC Freddie Forward loan, and a $70.7 million HPD loan, along with a 40-year property tax exemption.
  • The Perennial will deliver 145 income-restricted apartments—124 for older adults, including 44 reserved for formerly homeless seniors—with additional family units for households earning up to 50% of area median income.
  • The redevelopment incorporates a 34,000-square-foot new home for the Forest Hills Jewish Center within the converted building.
  • Selfhelp will provide on-site services for older residents, including case management and health supports, with funding support from New York City’s Human Resources Administration.
  • The hospital-to-housing conversion involves major structural interventions such as column removals and 50-foot mega beams, with completion targeted by the end of 2027.