42-02 Orchard Street Update 06/22/23

Developer Lands $425M Loan for Queens' Tallest Building

Developer, , has just secured a $425 million loan for a massive, residential tower project, going up at 42-02 Orchard Street in Long Island City. Arranged by Greystone and issued by a consortium of lenders, including M&T Bank, U.S. Bank, Bank of China, Israel Discount Bank of New York, City National Bank, and Bank Hapoalim, this extraordinary amount of capital will be used to fund all construction costs from start to finish.

To be known as "The Orchard", the 69-story, foot tall tower is set to become the tallest building in all of Queens. Designed by , it will total square feet.

The Orchard will contain apartments, with most of these to be sold at market rate, and a select amount of units to be reserved for affordable housing. The building will feature approximately 100,000 square feet of tenant amenities, including a fitness center with a multi-sport simulator and a basketball court, a spa with a sauna and a steam room, a pair of swimming pools (one of which will be indoors), rooms for games and movie screenings, a dog spa, a bike storage area, a children's playroom, various workspaces and lounges, and a large roof deck, featuring a lawn, a running track, a pickleball court, BBQ stations, and yoga + fitness spaces.

In addition to residential units, the structure will feature square feet of ground-floor retail space, and an enclosed, two-story parking garage, with enough room for vehicles.

The project site encompasses an entire block, which is bound by Orchard Street, Jackson Avenue, and Queens Street. , is serving as the general contractor for the build, with subcontractor, Highbury Concrete, handling all foundation and superstructure work. Vertical formwork is just beginning now and a tower crane was recently installed at the site (which we covered in our last update). According to Highbury, the job will require an impressive, 47,800 cubic yards of concrete and 6,700 tons of steel rebar. Construction is currently estimated to take until 2026.

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