A former auto body shop site in Rego Park has been transformed into a 120-unit affordable housing development, adding new residential capacity for households across multiple income levels and formerly homeless New Yorkers.
SMJ Development recently completed the project at 85-01 68th Road in Queens, with the development formally celebrated on September 24. Construction began in July 2024 after SMJ Development acquired the site in October 2023 and secured construction financing in June 2024. The project was completed in early 2026.
The new development provides apartments for households earning up to 30%, 50%, 80% and 90% of area median income under New York City's Extremely Low and Low-Income Affordability Program.
The seven-story development includes 120 residential units, along with a community room, fitness center, laundry facilities and an outdoor terrace. The property also provides a 32-vehicle parking area, including 20 electric vehicle charging spaces.
Eighteen apartments are designated for formerly homeless households, including eight units for veterans supported through HUD's Veterans Affairs Supportive Housing program.
The site previously housed an auto body operation and required environmental remediation before residential construction. The property was remediated through the New York State Brownfield Cleanup Program, allowing the former industrial site to be converted for residential use.
The development was the first project to use New York City's Minority Business Enterprise Guaranty Facility, a financing support program intended to help qualified minority real estate firms develop and preserve affordable housing.
Wells Fargo Community Lending & Investment provided a $12 million letter of credit, while the Low Income Investment Fund and Capital Impact Partners supplied a combined $14 million acquisition and predevelopment loan. The project was also supported by the New York City Department of Housing Preservation and Development, New York City Housing Development Corporation and other public and private partners.
SMJ Development led the development, with Monadnock Construction serving as general contractor, Spring Leasing & Management as property manager and Shakespeare Gordon Studio as architect.
The Rego Park project demonstrates the conversion of a previously developed site into new affordable housing while incorporating environmental remediation and supportive housing. Its financing structure also provided an early application of New York City's MBE Guaranty Facility, connecting public financing support with minority-owned development capacity.
Source: NYC HDC.
