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Arverne East Team Breaks Ground on First and Largest Residential Building
The Arverne East Development Team has broken ground on Arverne East Building D, a 320-unit affordable mixed-use project which will create 89 cooperative homeownership units and 229 rental apartments in the Far Rockaway neighborhood of Queens. Building D is the third phase of the Arverne East master plan and the first and largest residential building.
Arverne East Building D is developed by L+M Development Partners, Triangle Equities, The Bluestone Organization, Mega Development and Urbane Development. Built on a vacant oceanfront site that was impacted by Superstorm Sandy in 2012, the development includes several sustainability and resiliency features.
L+M managing director Sara Levenson said, “This is a proud moment for all who have contributed to making the Arverne East project possible. As we begin construction on Arverne D, we are one step closer to making New York’s first net-zero community a reality.”
Urban Investment Group at Goldman Sachs provided more than $160 million to support both the rental and homeownership elements of this project with a construction loan, tax credit equity and a letter of credit.
- ◦Development
- ◦Financing
