331 Beach 35th Street Update 01/18/23

Devs Obtain $95.7M for Far Rockaway Affordable Housing Project

A joint development team, consisting of L+M Development Partners, Triangle Equities, and The Bluestone Organization, has just landed a $95.7 million loan for an affordable housing project, set to rise at 331 Beach 35th Street in Far Rockaway, Queens. Issued by the NYC Department of Housing Preservation and Development, along with the NYC Housing Development Corporation, this influx of capital will be used to fund all construction costs from start to finish.

To be known as "Beach Green Dunes III", the 8-story development will contain low-income apartments, offered in a variety of floorplans, and ranging from studios to three-bedroom setups.

Tenant amenities are to include a fitness center, a roof deck, a community room, and a bike storage area.

In addition to affordable housing, the structure will feature square feet of ground floor retail space, as well as an enclosed parking garage, with enough room for vehicles. The building has also been designed to achieve Passive House certification.

Designed by , Beach Green Dunes III will stand feet tall and total square feet. It will sit directly next to the Beach 36th Street subway station on a lot spanning square feet.

, the in-house general contracting arm of L+M Development Partners, will lead construction efforts. The project is scheduled to begin in the coming weeks and work is expected to complete by the end of 2024.

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