NEW YORK – June 22, 2023 – Gary S. Kleinman and Joel C. Harrison, Real Estate shareholders at global law firm Greenberg Traurig, LLP, assisted BLDG Orchard LLC, an affiliate of BLDG Management Co. Inc., with a $425 million loan for the construction of an 800,000-square-foot mixed-use building at 42-02 Orchard Street in Long Island City, known as The Orchard. According to building plans, the 780-foot tower will feature multiple ground-floor retail spaces, more than 60 floors of residential units, a swimming pool, gym, and lounges.
M&T Bank led the $425 million loan for the planned 69-story development, while U.S. Bank and Bank of China were co-joint lead arrangers on the deal. Israel Discount Bank, City National Bank and Bank Hapoalim also contributed to the loan. Greystone Capital Advisors arranged the transaction.
The Orchard will include 824 apartments, 207 parking spaces, and 13,000 square feet of above-grade retail space. When completed around 2026, the property will be one of the latest multifamily developments eligible to receive a 35-year real estate tax exemption under the recently expired 421a Affordable New York Housing Program, which requires 30% of the units be set aside for households earning at or below 130% of the area median income, according to Greystone.
New York City-based BLDG Management Co. Inc. is a privately held real estate investment and management company. BLDG operates a portfolio consisting of residential buildings, retail, industrial, and office properties. The portfolio includes in excess of 300 properties. BLDG was founded more than 60 years ago.