Tishman Speyer will begin construction on the second all-affordable residential building at the massive Edgemere Commons development in Far Rockaway this month.
The 13-story, 100% affordable apartment building will be located at the corner of Beach Channel Drive and Beach 52nd Street and house 237 apartments ranging in size from studios to three-bedroom units. Tishman Speyer’s TS Communities will construct 10 of the 11 buildings at Edgemere Commons.
“After decades of disinvestment, Rockaway is in the midst of a true renaissance. From new libraries and healthcare facilities to thousands of units of affordable housing, including more than 2,000 units here at Edgemere Commons alone, the peninsula will soon be a nationwide model for community-led, community-centric development that puts families first,” Queens Borough President Donovan Richards said. “Brighter days are ahead for Edgemere and all of Rockaway and I cannot wait to see shovels in the dirt in a matter of weeks. Congratulations to Tishman Speyer and all our government and community partners for bringing us one step closer to seeing Edgemere Commons fulfill its tremendous promise.”
This is the second of eleven all-affordable multifamily buildings set to rise at Edgemere Commons and the first all-affordable project undertaken through TS Communities, Tishman Speyer’s affordable housing development platform. Upon completion of all 11 buildings, Edgemere Commons will encompass up to 2,050 apartments.
“Edgemere Commons is a crucial step towards Mayor Adams’ vision for an affordable New York,” Tishman Speyer Senior Managing Director Michelle Adams said. “We look forward to working alongside the City and the local community for future phases that, when completed, will provide more than two thousand quality and affordable new homes.”
This is the second of 11 all-affordable multifamily buildings set to rise at Edgemere Commons and the first all-affordable project undertaken through TS Communities, Tishman Speyer’s affordable housing development platform.
“We’re pleased to reach another important milestone at Edgemere Commons, this time bringing 237 deeply affordable apartments to The Rockaways,” said NYC Department of Housing Preservation and Development Commissioner Adolfo Carrión. “Combining the best in affordable housing, community resources, resiliency and storm preparedness, Tishman Speyer knows how to get stuff built that lives up to the high-quality housing New Yorkers need and deserve. We’re thankful for the continued partnership on Edgemere Commons and look forward to putting shovels in the ground soon.”
Of the new 247,000-square-foot building’s 237 apartments, 201 will be affordable for households earning between 30% to 80% of Area Median Income (AMI). The remaining 36 apartments will provide supportive housing for formerly homeless individuals. In addition, the building will include 8,000 square feet of neighborhood-serving retail and 7,500 square feet of community facility space.
“Edgemere Commons will bring much-needed affordable housing, along with retail and community facility space — all in a building designed to bring greater resiliency to the Far Rockaway community,” said HDC President Eric Enderlin. “I would like to congratulate all our partners and look forward to continued collaboration as we bring this transformative project to fruition.”
TS Communities has closed on $196.8M of total financing provided from tax-exempt bonds, traditional construction debt, subsidy loans from the New York City Department of Housing Preservation and Development (HPD) and the New York City Housing Development Corporation (HDC), and low-income housing tax credit equity (LIHTC). Wells Fargo will provide the letter of credit, traditional construction debt, and an equity investment from the purchase of low-income housing tax credits.
“Wells Fargo is proud to provide $138.6 million in total financing for this project, which will bring much needed affordable housing to the Edgemere community,” said Vanessa Rodriguez, head of Wells Fargo’s Community Lending and Investment group. “Tishman Speyer’s values align with Wells Fargo’s, and our national priority to offer debt and equity solutions to create and preserve much-needed housing in the communities where we live and serve.”
The new building is expected to open in 2025. When the entire development is complete it will include 2,050 units, with 237 set aside for seniors, retail, community space, medical facilities and outdoor public space for residents of Far Rockaway.
