L+M Development Partners, Triangle Equities, and Bluestone Organization open affordable housing lottery

Queens, NY L+M Development Partners, Triangle Equities, and The Bluestone Organization have opened the affordable housing lottery for units at Beach Green Dunes III in the Far Rockaway community of Edgemere. 

Located at 331 Beach 35^th St., the $95.7 million, 146-unit building includes a mix of studios, one-, two- and three-bedroom apartments for qualifying families earning between 30% and 80% of Area Median Income (AMI). The building also includes 38 units specifically set aside for low-income senior citizens over the age of 62. In total, 116 units including the aforementioned senior units will be available on Housing Connect. The 100% affordable project was designed by Bernheimer Architecture PLLC and is built to the highest environmental standards.

The eight-story building also incorporates an array of sustainability and resiliency features, including being designed and certified to Passive House standards, and will be storm resilient with site improvements including porous surface materials and rain gardens, and all residential and retail spaces located above the base flood elevation. Energy efficiency features of this 100% fossil-fuel-free building include a closed-loop geothermal system providing heating, cooling, and domestic hot water, smart controls, and building monitoring capabilities, and photovoltaic panels on both roofs.

“Beach Green Dunes III is a development that considers not only the comfort of our residents but the future of our environment, as well,” said Sara Levenson, managing director, L+M Development Partners. 

Beach Green Dunes III will provide amenities for residents, including fitness, laundry and community rooms, a roof deck, bike storage, outdoor recreational spaces, and on-site parking. The building will also include 2,100 s/f of neighborhood retail, 1,160 s/f of community facility space, and a new landscaped transit plaza that will provide direct pedestrian access to the Beach 36^th Street-Edgemere A Train subway station.

Financing for Beach Green Dunes III was provided through partners, including tax-exempt bond financing through the NYC Housing Development Corporation (NYC HDC), City Capital subsidy loans through the NYC Department of Housing Preservation & Development (NYC HPD). Along with funding from borough president Donovan Richards and the New York City Council. Credit enhancement and tax credit equity participation were provided by Citibank and Goldman Sachs Urban Investment Group respectively.