“We are also incredibly thankful to our trusted lending partners for their support and confidence despite the exceptionally challenging credit environment.”
“The Orchard is a reflection of our deep commitment to building best-in-class multifamily rental projects that expand access to housing and benefit the communities in which they serve,” Lloyd Goldman, founder and president of BLDG Management, said in a statement. When completed around 2026, the property will be one of the latest multifamily developments eligible to receive a 35-year real estate tax exemption under the recently expired 421a Affordable New York Housing Program, which requires 30 percent of the units be set aside for households earning at or below 130 percent of the area median income, according to Greystone.
It will also have an outdoor landscaped roof deck with features that include a pickleball court, running track, barbeque area and dog park. The property’s amenities will feature a 24-hour attended lobby, a fitness center, indoor and outdoor swimming pools, a spa, a children’s playroom, a game room and movie screening rooms. Located at 42-02 Orchard Street, The Orchard will include 824 apartments, 207 parking spaces and 13,000 square feet of above-grade retail space. “The Orchard will transform the Long Island City skyline while also providing desperately needed affordable housing for the neighborhood.”
“Despite the challenging market, this significant financing demonstrates that there is still strong lender appetite for high-quality multifamily projects, especially with an affordable component,” Fletcher, president of Greystone, said in a statement. Greystone Capital Advisors’ Drew Fletcher, Paul Fried and Bryan Grover arranged the financing. SEE ALSO: Berkadia Provides $41M Recap for Orlando Mixed-Use High-Rise
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