Century Development Group has secured $43.4 million in construction financing from Bank Hapoalim to build a 116-unit residential complex in Flushing, Queens. The project sits at 135-01 35th Avenue and spans 143,232 square feet.
The development will blend market-rate condos with affordable apartments, positioning it as a mixed-income property. Bank Hapoalim, the Israeli lender, backs the financing structure.
For Flushing, this loan signals continued confidence in Queens residential development despite market headwinds. Construction financing of this scale typically spans 18 to 24 months, meaning the project should break ground within months if permits clear.
Buyers targeting the market-rate units can expect pricing aligned with current Flushing condo trends, roughly $600,000 to $1.2 million depending on unit size and finishes. Affordable units operate under income-restricted programs, serving households earning 60 to 80 percent of area median income.
The mixed-income structure matters for developers and lenders alike. It often qualifies projects for tax credits and community benefits allowances that reduce development risk. For the neighborhood, it adds housing diversity at a time when Flushing faces rental pressure and limited new supply.
Tenants in future affordable units gain long-term housing stability through deed restrictions, typically 30 years. Market-rate condo buyers own equity and build wealth through real estate appreciation.
Century Development Group's ability to close this loan with a major foreign lender demonstrates that institutional capital still flows to Queens residential projects, particularly in transit-rich areas like Flushing near the LIRR and subway access. Bank Hapoalim's involvement suggests confidence in the developer's execution track record and the underlying Flushing market fundamentals.
The project timeline and specific unit mix