L+M Development Partners Debuts Fully Affordable Community in Queens
- Feb 21, 2020
L+M Development Partners and its public and private partners have opened Beach Green Dunes II, a 127-unit fully affordable community in Far Rockway, N.Y. The launch comes several months after L+M Development Partners teamed up with Invesco to purchase more than 2,800 market-rate apartments in Manhattan. The $1.2 billion deal includes restoring the affordability of most of the units.
Located at 45-19 Rockaway Beach Blvd. in Queens, Beach Green Dunes II is adjacent to the Beach 44 Street A Train subway station and two blocks from the Rockaway Beach Boardwalk. All units are affordable for very low-, low- and moderate-income households. Beach Green Dunes includes roughly 2,600 square feet of ground-floor retail, 49 parking spaces and an outdoor recreation space with a playground.
Beach Green Dunes II features geo-thermal energy generation and is anticipated to receive Passive House certification. Additionally, the eight-story property’s resilient design features are meant to protect it from severe weather phenomena, such as Superstorm Sandy, which devastated Long Island City in 2012.
When the project broke ground in July 2018, the NYC Housing Development Corp. provided $19.8 million in tax exempt bonds and $8.3 million in subsidy for its construction. The NYC Department of Housing Preservation and Development also contributed $18.4 million in financing, while the City Council awarded the project $250,000 in Resolution A funds. Other partners involved in the project included Triangle Equities, Red Stone Equity Partners, Wells Fargo N.A. and Curtis + Ginsberg Architects.