New York Construction Report staff writer
Greystone says it has arranged a $425 million construction loan for BLDG Management Company, Inc.’s newest mixed-use development, The Orchard. The development will be the tallest residential tower in Long Island City, with 824 residential apartments, 207 parking spaces, over 100,000 square feet of amenities and 13,000 square feet of above-grade retail space.
Triton Construction posted pictures this month, announcing “Long Island City’s tallest building, 42-06 Orchard Street going vertical.”
“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.”
Situated in the heart of Long Island City, The Orchard will rise 69 stories and over 800 feet, with amenities including a 24-hour attended lobby, fitness center, indoor and outdoor pools, spa with a steam room and sauna, basketball court, multi-sport simulator, lounge areas, children’s playroom, game room, movie screening rooms, work pods, dog spa, self-storage, bike room, state-of-the-art package room including refrigerated storage and on site laundry.
Also, the building will be the site of the largest privately-owned outdoor landscaped roof deck in New York City with over 1.5 acres of recreational space, including a pickleball court, great lawn with an outdoor screen, yoga and fitness areas, BBQ area, dog park, kids outdoor play area, 1/8 mile running track and much more.
“BLDG is thrilled to grow its long-standing relationship with Greystone through this market-leading transaction,” said Lloyd Goldman, founder and president of BLDG. “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. We are also incredibly thankful to our trusted lending partners for their support and confidence despite the exceptionally challenging credit environment.”