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L+M Partnership Secures $45M Financing for Far Rockaway Project Infrastructure

L+M Development Partners, Bluestone Organization and Triangle Equities closed on $44.66 million in financing for the reconstruction of Edgemere Avenue between Beach 32nd and Beach 38th streets, a critical infrastructure improvement both to the overall peninsula and to the 1,650-apartment Arverne East, now under development on the Rockaway Peninsula’s Edgemere and Arverne neighborhoods.  

This phase of the project is being funded by Housing Infrastructure Funds provided by the New York City Department of Housing Preservation and Development. 

Arverne East presents an unprecedented opportunity to transform this underutilized site into a sustainable and resilient housing development for families on Far Rockaway,” said Sara Levenson, senior director at L+M Development Partners. 

She added, “The financing of this phase helps us get another step closer to fully realizing the nearly 1,650 units of affordable housing in Arverne and Edgemere along with a nature preserve and commercial and community spaces to complement the neighborhood.”


Inside The Story

L+M Development's Levenson

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).