The City of New York has announced a $38.4 million investment to install heat pumps at the Beach 41st Street Houses in Edgemere, Queens. As part of the Clean Heat for All initiative, the new systems will bring modern, electric heating and cooling to 712 apartments in the NYCHA complex, replacing an outdated gas boiler system.
A new rendering has been revealed for Arverne East Building D, a ten-story residential building in the first phase of the 116-acre Arverne East oceanfront master plan at 116 Beach 36th Street in Edgemere, Queens. Designed by FXCollaborative and developed in a joint venture between L+M, Urbane Development, The Bluestone Organization, Mega Group Development, and Triangle Equities Development Company, the 355,000-square-foot structure will yield 320 apartments. The units will consist of 230 affordable rental apartments and 90 affordable homes for purchase.
The Community Lending and Investment division of Wells Fargo has reached a new milestone, $780.3 million in construction financing for affordable housing projects in New York City and Westchester County. The figure represents five loans, all closed in June 2023, the company’s largest-ever half-cycle allocation.
TS Communities, Tishman Speyer’s affordable housing development platform, will soon break ground on the second 100-percent affordable development in Edgemere Commons in Edgemere, Queens. Designed by Aufgang Architects, the master plan will eventually comprise 11 income-restricted residential properties.
L+M Development Partners, Triangle Equities, and The Bluestone Organization have closed on a $95.7 million loan to complete Beach Dunes III, a mixed-use affordable housing property on the border of Edgemere and Far Rockaway in Queens. Located at 331 Beach 35th Street, the building will include 146 mixed-income apartments, 2,100 square feet of commercial space, and a 1,160-square-foot community center.
