[HUGHES HUBBARD & REED LLP LETTERHEAD]
                                                                     Exhibit 5.1


                                                  May 27, 2005



Flushing Financial Corporation
1979 Marcus Avenue, Suite E140
Lake Success, NY 11042

                  Re: 2005 OMNIBUS INCENTIVE PLAN

Ladies & Gentlemen:

            You have requested our opinion in connection with the Registration
Statement on Form S-8 (the "Registration Statement") of Flushing Financial
Corporation (the "Company") filed with the Securities and Exchange Commission
under the Securities Act of 1933, as amended (the "Act"), with respect to shares
(the "Shares") of common stock, par value $.01 per share of the Company ("Common
Stock"), and related rights to purchase shares of Series A Junior Participating
Preferred Stock (the "Rights") to be issued pursuant to the Company's 2005
Omnibus Incentive Plan (the "Plan").

            This Opinion Letter is governed by, and shall be interpreted in
accordance with, the Legal Opinion Accord (the "Accord") of the ABA Section of
Business Law (1991). As a consequence, it is subject to a number of
qualifications, exceptions, definitions, limitations on coverage and other
limitations, all as more particularly described in the Accord, and this Opinion
Letter should be read in conjunction therewith. The law covered by the opinions
expressed herein is limited to the Federal law of the United States and the
General Corporation Law of the State of Delaware (including all applicable
provisions of the Constitution of the State of Delaware and reported judicial
decisions interpreting the provisions of such law and Constitution). We are not
members of the Delaware Bar.

            Based upon and subject to the foregoing, we are of the opinion that
when (i) the applicable provisions of the Act and of such "Blue Sky" or other
state securities laws as may be applicable shall have been complied with, and
(ii) the Shares deliverable under the Plan shall have been issued in accordance
with the terms of the Plan and for consideration in an amount at least equal to
the aggregate par value of such Shares, (a) the Shares will be legally issued,
fully paid and nonassessable, and (b) the Rights attached to such Shares, when
issued in accordance with the terms of the Rights Agreement, dated as of
September 17, 1996, by and between the Company and EquiServe Trust Company N.A.
(successor to State Street Bank and Trust Company), as Rights Agent, will be
legally issued.



            We hereby consent to the filing of this opinion as an exhibit to the
Registration Statement. In giving this consent, we do not admit that we are in
the category of persons whose consent is required under Section 7 of the Act or
the rules and regulations of the Securities and Exchange Commission.

                                                  Very truly yours,


                                                  /s/ Hughes Hubbard & Reed LLP