Cord Meyer Secures $75M to Build Queens Development
The project is taking shape above a shopping center.
Cord Meyer Development has received a construction a $75 million construction loan for a two-building, 145-unit residential development in Queens, N.Y. New York Life Investment Management’s Real Estate Investors provided the capital in a deal arranged by Avison Young.
Work will start this month. The five-story buildings will rise at an upper-level parking area off 26th Avenue in Queens’ Bayside neighborhood, at the Bay Terrace Shopping Center. Both buildings are being developed under the 485x tax abatement program.
Avison Young’s team of Principals and Co-Leads Scott Singer and Andy Singer, Executive Director Kevin Swartz, Senior Director Kathleen McSharry and Analyst David Brucker represented Cord Meyer in the deal.
The community will include one-, two- and three-bedroom apartments. Construction plans include balconies and terraces for multiple units, with some first-floor units having individual entrances. Amenities include rooftop terraces and outdoor areas as well as resident lounges, a clubhouse, coworking areas and a live-in super. Plans call for a below-ground parking garage with electric vehicle charging stations.
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According to QNS, previous project plans called for three residential buildings with the same number of units. Development is expected to take two years to complete. The shopping center will remain open during that time.
Callahan Construction Managers is the general contractor on the development, with STUDIO V Architecture serving as the architect. VHB, Wexler Associates and MEP Engineering are acting as civil, structural and MEP engineers, respectively.
Cord Meyer has been the shopping center’s owner since it was first established in the 1960s. In June 2024, the developer began a multi-million-dollar investment in the future mixed-use community, which delivered new restaurants, new facades and a fitness center as part of the ‘Moving Forward’ initiative, launched in 2023.
As the residential component is being built on the Bay Terrace property, residents will have access to the various retail and dining options on site. There is a bus stop at the shopping center with access to the Q31, Q28 bus routes, as well as the express QM20 line.
Ongoing projects in Queens
According to Yardi Matrix, there are approximately 20 properties totaling 6,064 units in the borough that are under construction.
In December of last year, PMG Affordable and Brisa Builders Development topped out on 19-19 Cornaga Ave., a nine- story 92-unit project taking shape in Far Rockaway, N.Y. The community is expected to be complete by the end of this year.
Last March, KS Group and Alma Realty obtained a $300 million loan from S3 Capital for the first phase of Astoria Cove, a four-building, 731-unit being built in the Queens neighborhood of the same name.
