SMJ Development and Project Partners Celebrate Completion of 120 New Affordable Homes in Rego Park, Queens

Queens, NY - September 24, 2026 - SMJ Development joined residents, community leaders, government partners, and elected officials today to celebrate the opening of 85-01 68th Road, a brand new 120-unit affordable housing development in the Rego Park neighborhood of Queens.

Developed on the site of a former autobody shop, the building provides high-quality affordable housing to individuals and families at a range of household incomes, including 18 units designated to formerly homeless households. Among the homeless units, 8 homes have been designated for veterans with HUD VA Supportive Housing (VASH) vouchers.

This milestone celebration highlighted the speed at which the public and private sector can collaborate to deliver high-quality affordable housing in a high opportunity neighborhood. SMJ Development acquired the site in October 2023 and closed on construction financing in June 2024. Construction began the following month and completed in early 2026.

"This building stands as proof of what a small but committed development team can accomplish when everyone rows in the same direction," said SMJ Development Principal Juan Barahona. "I'm proud to welcome 120 households to their beautiful new homes in the vibrant Rego Park neighborhood."

The development was the first to use the New York City Minority Business Enterprise (MBE) Guaranty Facility, which provides guaranty support to qualified minority real estate firms to build and preserve affordable housing. Launched in March 2024, with support from the New York City Housing Development Corporation (HDC) and the Urban Investment Group at Goldman Sachs, the facility provides substantial support to enhance a sponsor's creditworthiness. Wells Fargo Community Lending & Investment, the first bank to provide financing under the MBE Guaranty Facility, provided a $12 million letter of credit. Low Income Investment Fund (LIIF) and Capital Impact Partners (CIP) collaborated to provide a $14 million acquisition and predevelopment loan.

"This development represents a new phase of life, not only for the families who will call this building home, but also for the land itself," said HPD Deputy Commissioner for Development Patrick Love. "After nearly a century of manufacturing, the contaminated site was remediated through the New York State Brownfield Cleanup Program. Now made safe for residential uses, it will provide 120 affordable homes for the Rego Park community. This project embodies HPD's commitment to both affordable housing as well as community health and safety."

"This collaborative project represents the City's ongoing commitment to meeting the housing needs of all New Yorkers, including homeless veterans and other vulnerable members of our society," said HDC President Eric Enderlin. "Thank you to all our public and private partners involved, whose hard work and tireless dedication made this project possible."

The new building was developed by SMJ Development, led by Juan Barahona, with Monadnock Construction serving as general contractor and Spring Leasing & Management as property manager. The project was designed by Shakespeare Gordon Studio.

The project was financed under the City's Extremely Low and Low-Income Affordability Program (ELLA) and serves individuals and families from a range of incomes, including formerly homeless households and those earning up to 30, 50, 80 and 90 percent of Area Median Income. The development features ample amenity space, including a community room, fitness center, laundry facilities, and an outdoor terrace. For an additional fee, residents have access to parking lot with capacity for 32 vehicles, including 20 electric vehicle chargers.

Project partners include the New York City Department of Housing Preservation and Development, the New York City Housing Development Corporation, The Urban Investment Group at Goldman Sachs, The Community Preservation Corporation, Wells Fargo, LIIF, Capital Impact Partners and the New York State Department of Environmental Conservation's Brownfield Cleanup Program. The site was previously rezoned with support from Queen Community Board 6, The Queens Borough President, and New York City Council District 30.