Arverne East Closes $278 Million to Build First 320 Homes in Far Rockaway

Overview

• A joint venture led by L+M Development Partners closed construction financing on December 29 for Building D at 116 Beach 36th Street, the first housing phase of the 116-acre master plan.
• The 355,000-square-foot building will deliver 230 income-restricted rentals, including 35 supportive units, plus 90 income-restricted homes for purchase.
• The Urban Investment Group at Goldman Sachs Alternatives is the principal lender with participation from HPD and HCR, supplemented by funds from the City Council and the Queens Borough President’s office.
• Design measures include rooftop solar paired with a geothermal system, bioswale gardens, elevated occupied floors above flood levels, and comprehensive first-floor floodproofing.
• Building D begins a renewed construction phase toward 1,650 total homes with retail and community space at Arverne East, with completion of this phase expected in 2028.