Tishman Speyer Lines Up $214M for Queens Affordable Project
The building is part of a larger redevelopment replacing a century-old hospital.
Tishman Speyer’s TS Communities has obtained a $214 million financing package for the construction of a fully affordable, 300-unit building in Queens, N.Y.
The property will be part of Edgemere Commons, a 2,000-unit master-planned redevelopment in the Far Rockaway neighborhood. Tishman Speyer is building the project in a public-private partnership with the New York City and New York State housing agencies.
Construction on Edgemere Commons B2 is slated to kick off in the coming weeks, while completion is set for late 2028. The building will adhere to Passive House and Enterprise Green Communities standards.
The development team includes Aufgang Architects, the design company crafting the blueprints of the entire master-planned community, and general contractor Joy Construction.
Edgemere Commons B2 will encompass studio and one- to three-bedroom layouts. Of these, 255 units will be restricted to households earning between 30 and 80 percent of the area median income. The remaining 45 apartments are set aside for formerly homeless individuals, in alignment with New York City’s supportive housing efforts.
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Amenities will include a recreation room, an outdoor landscaped deck and offices for social services, on track to be provided by Breaking Ground.
The financing package includes commercial construction debt and a letter of credit, which, according to Commercial Observer, clocks in at $96.2 million. Both were issued by Capital One, the same company that will purchase the LIHTC through a Hudson Housing Capital Fund.
On the public side, the project secured tax-exempt bonds and subsidy loans from the New York City Department of Housing Preservation and Development, as well as New York City Housing Development Corp. through the City’s New Construction Finance Program.
Located at 332 Beach 52nd St., the site is proximate to one train and two bus stations that connect to the rest of Queens and Manhattan.
From a century-old hospital to affordable homes
The New York City Council approved the Edgemere Commons redevelopment in 2019. The site held a former hospital, which operated for more than a century before declaring bankruptcy and closing in 2012. Arker Cos. spearheaded the 11-building project until 2021, when Tishman Speyer acquired 10 of the construction sites.
The B2 project marks Tishman Speyer’s third building at Edgemere Commons, and the fourth residential structure overall. Arker and Slate Property Group delivered the first building in 2024, a 194-unit community dubbed Edgemere Commons A1.
Tishman Speyer’s first building, Edgemere Commons B1, was the site’s second multifamily structure and opened in 2025, two years after the developer had secured $196.8 million in construction financing for the project.
Edgemere Commons A2, Tishman Speyer’s second building at the site, is currently under construction, with delivery expected next year. The company landed $166 million for this development in 2025.
