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Friday, January 21, 2022

In $90M Deal, Tishman Speyer Takes Reigns at Queens Affordable Housing Development

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By: Benyamin Davidsons

Tishman Speyer has purchased the majority of Edgemere Commons, the extensive affordable housing complex being developed in Edgemere, Queens.

As reported by Crain’s NY, on Friday, the family-run real estate giant announced that it is purchasing 10 out of the 11 building sites from Arker Companies, and will manage them. The deal, valued at $90 million, will be the first 100% affordable project for Tishman Speyer. The sprawling Far Rockaway housing project was unanimously approved in 2019 by the NYC council as part of the Resilient Edgemere Community Plan. However, construction has yet to begin at the 9.34-acre site, which was formerly the Peninsula Hospital.

As per Real Estate Weekly, once completed, the 11 buildings at Edgemere Commons will include 2,050 affordable apartments, of which 237 will be set aside for seniors. The 2.2 million square foot mixed-use project will also include 77,000 square feet of space for community uses, including a community center and medical space. The development will also have 72,000 square feet of retail that is neighborhood-oriented, such as a supermarket, fitness center, and food & beverage stores. The plan also includes 973 parking spots, and 38,000 square feet of outdoor space for public community events, with a playground. The project is slated to create 350 jobs in construction, as well as 650 permanent jobs for residents of the local community.

The Arker Companies, in partnership with Slate Property Group, will keep one of the buildings, and will break ground there in early 2022. That first building will have 194 apartments and a 20,000 square-foot supermarket. “In cooperation with Tishman Speyer, we will ensure that this project lives up to every promise made, as the community has put its faith in us, and we do not take that lightly,” said Daniel Moritz, Principal for Arker Companies. “.. This is much bigger than the buildings itself. We are here in partnership with this community for generations to come as we proudly watch Edgemere become the thriving neighborhood it deserves.”

TS Communities, Tishman Speyer’s affordable housing development group, is also launching a $2 million Community Benefits and Youth Development Fund. “We are proud to join the Edgemere community and look forward to working with residents and local elected officials to advance the three key pillars of Edgemere Commons: affordability, community and resiliency,” said Gary Rodney, Managing Director for TS Communities. “Real estate is more than buildings. Our team is committed to building community and connection by focusing on what people need to make their lives and their neighborhoods better.”

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