Commitment to Bring More than 450 Units of 100% Affordable Housing to Corona, Queens, One of the Largest Recent Affordable Projects in the Borough
Queens, NY — April 2, 2025 — Slate Property Group, LLC and Queens Future LLC, the joint venture between Hard Rock International and New York Mets Owner Steve Cohen to develop Metropolitan Park, have announced a landmark partnership aimed at creating hundreds of long-term affordable apartments in Corona, directly addressing the critical housing crisis in a part of Queens with few opportunities for major new affordable projects.
The centerpiece of the partnership is a Memorandum of Understanding (MOU) for the planned development of a 100% affordable housing project featuring more than 450 units on what is currently an existing surface parking lot at 54-19 100th Street adjacent to an existing affordable housing site.
Through the partnership, Queens Future will provide financial support to a yet-to-be-named local non-profit organization that will work with Slate to develop and manage the affordable housing units. The project will include community space and amenities for residents, on-site parking to replace the existing surface lot, as well as a new and improved outdoor area and children’s playground for the surrounding buildings.
Over the past three years, the Queens Future team has been engaging and listening to the community as part of the creation of Metropolitan Park’s vision. The area’s local elected officials and residents have consistently brought up the strong need for affordable housing. This partnership will bring affordable housing to Queens as part of the project’s $1+ billion community benefits package and builds on Metropolitan Park’s commitment to improving quality of life in local neighborhoods while supporting economic revitalization in areas disproportionately impacted by the COVID-19 pandemic.
The proposed MOU, which will come into effect should Metropolitan Park be awarded one of the three downstate gaming licenses, will:
Provide affordable housing units with long-term affordability spanning at least 60 years.
Create opportunities for local and diverse hiring during the construction phase, benefiting underrepresented groups such as communities of color, women, and service-disabled veterans.
Be made up of 100% affordable housing units and available across a range of incomes with a significant number of units set aside as deeply affordable.
“Hard Rock and our partners are dedicated to enhancing the lives of residents in Queens through thoughtful development that integrates community needs,” said Jim Allen, Chairman of Hard Rock International. “Our partnership with Slate Property Group highlights our shared vision to address the affordable housing crisis while fostering local economic opportunities.”
“From day one, Metropolitan Park has been Queens-focused, with a comprehensive vision that addresses community priorities and economic needs,” said Mets owner Steve Cohen. “In addition to creating 23,000 good paying local jobs, we have been committed to working with local community organizations to improve the quality of life for our neighbors.”
“We are thrilled to bring our deep expertise in affordable housing to this collaboration. Together, we will create a lasting impact by delivering high-quality housing serving people of all different incomes in the community,” said David Schwartz, Principal of Slate Property Group. “This partnership highlights the shared dedication of Queens Future and Slate Property Group to equitable and sustainable development in the borough.”
About Slate Property Group
Slate Property Group is an owner, operator, developer and lender, primarily focused on multifamily in the New York metropolitan area. From adaptive reuse and repositioning of existing assets to ground-up development and lending, Slate’s dedicated team of more than 125 employees leverage extensive experience in the multifamily asset class. Over the last decade, Slate has invested in excess of $6.5 billion across equity and debt, with a current portfolio of 50+ investments. https://slatepg.com/
About Metropolitan Park
Metropolitan Park, a sports and entertainment park, is a partnership between Steve Cohen and Hard Rock International. This $8 billion private investment will replace the 50 acres of parking lots around Citi Field with 25 acres of public park space and bring entertainment to the site 365 days of the year. Metropolitan Park will consist of a Hard Rock Hotel with restaurants, bars, and conference space, as well as a casino and sportsbook; state-of-the art live music venue featuring locally and internationally known artists, comedians, and entertainers and A Taste of Queens Food Hall. The project is expected to create 23,000 union jobs, provide improved public transit and parking infrastructure, including a transformed 7-line train station that would be made ADA accessible and a $1billion+ Community Benefits Agreement.
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