BLDG Management Company has secured a $425 million loan to complete a 69-story residential skyscraper in Long Island City, Queens. The development, known as The Orchard, will take shape at 42-02 Orchard Street and debut as the tallest residential building in the neighborhood.
When complete, the building will contain 824 apartments, 100,000 square feet of amenities, 13,000 square feet of retail space, and 207 parking spaces. The residential collection will include more than 200 affordable housing units.
Lenders include M&T Bank, US Bank, Bank of China, Israel Discount Bank, City National Bank and Bank Hapoalim (BKHYY). Greystone Capital Advisors arranged the transaction.
“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,” said Drew Fletcher, president of Greystone Capital Advisors. “The Orchard will transform the Long Island City skyline while also providing desperately needed affordable housing for the neighborhood.”
In addition to a 24-hour attended lobby, The Orchard’s amenities will include a fitness center, a roof deck, indoor and outdoor pools, a spa with a steam room and sauna, a basketball court, a multi-sport simulator, lounge areas, a children’s playroom, a game room, movie screening rooms, coworking spaces, a dog spa, self-storage, and a bike room. Tenants will also have access to a package room with refrigerated storage options, a bike room, and shared laundry facilities.
The building will also feature the largest privately owned outdoor landscaped roof deck in New York City with over 1.5 acres of recreational space, including a pickleball court, an outdoor movie screen, yoga and fitness areas, designated barbecue areas, a dog park, an outdoor play area for children, and a running track.
The project team expects construction to wrap in 2026.