Long Island City’s tallest tower will be completed in a short time after a developer secured a large loan for the project.
BLDG Management has secured $425 million in construction financing for its development at 42-02 Orchard Street in Queens, The Business Observer reported report. The planned 69-story tower is aptly named The Orchard.
M&T Bank is the leader in financing, and other banks include U.S. Bank and Bank of China. Other contributors to the loan include the Israel Discount Bank, the City National Bank and the Labor Bank.
The Greystone Capital Advisors team, led by Drew Fletcher and Paul Fried, arranged the transaction.
Two years ago, Lloyd Goldman Sachs real estate investment firm submitted plan The project covers 800,000 square feet and includes 824 units. Designed by Perkins Eastman, the 780-foot-tall building will feature multiple ground-floor retail spaces, 60 floors of residential units, a swimming pool, gym and lounge.
Crucially, the project is expected to qualify for the 421a affordable housing tax credit, which will make it one of the last to enter. The exemption requires that 30% of units be designated to households with incomes at or below 130% of the area median income.
The project is expected to be completed around 2026, which is good news for the chances that the tax break will play a role: the tax break requires that the project be built As of June 15, 2026.
this Goldman Sachs Control of the plot dates back to 1975. Once controlled by Goldman’s father and uncles, Irving and Sol Goldman.
BLDG’s other residential developments in the city include the 41-story Summit Tower at 222 East 44th Street and The Montana on the Upper West Side.
March, Werwaiss Properties Secured $131 million construction loan A project in Long Island City. The company is planning a 35-story building at 23-10 42nd Road, which will include 240 apartments, a fitness center, a resident lounge, a sky lounge and an amenity terrace.
— holden walter warner
