Tishman Speyer’s TS Communities secures financing for third all-affordable residential building at Edgemere Commons

Queens, NY Tishman Speyer’s TS Communities secured financing and will soon begin construction on its third apartment building at Edgemere Commons in Far Rockaway, the 100% affordable residential neighborhood the firm is developing in partnership with New York City and New York State housing agencies.

The 17-story building, Edgemere Commons B2, will incorporate 300 apartments and 6,000 s/f of ground-floor neighborhood-oriented retail. In conjunction with the project, Tishman Speyer will install landscaping and bioswales on Beach 52^nd St. and continue construction of the new cross street Peninsula Way. Construction will commence in the coming weeks with completion anticipated in late 2028.

Located at 332 Beach 52^nd St., Edgemere Commons B2’s apartments will range from studios to three-bedrooms, 255 of which will be affordable for households earning between 30% to 80% of Area Median Income (AMI). The remaining 45 apartments will provide supportive housing for formerly homeless individuals. Social services will be provided by Breaking Ground, which is partnering with TS Communities at neighboring Edgemere Commons Building A2.

Edgemere Commons B2 will also incorporate 34 parking spaces, 150 indoor bike racks reserved for residents, a package room, recreation room, an outdoor landscaped recreation deck, supportive services offices, and an in-building laundry center.

TS Communities, Tishman Speyer’s affordable housing platform, has closed on $214 million of total development financing for the construction of Edgemere Commons B2. The package includes tax-exempt bonds, traditional construction debt, and subsidy loans from the New York City Department of Housing Preservation and Development (HPD) and the New York City Housing Development Corp. (HDC) through the City’s New Construction Finance (NCF) Program. Capital One is providing the construction letter of credit, commercial construction loan and is purchasing the low-income housing tax credits through a fund with Hudson Housing Capital.

Designed by Aufgang Architects, Edgemere Commons B2 is being built to Passive House and Enterprise Green Communities standards, which will reduce energy consumption and lower utility bills for residents. Joy Construction is serving as General Contractor on the project.

Edgemere Commons B2 is the fourth multifamily building for Edgemere Commons. The first building, developed by the Arker Companies and Slate Property Group, was completed in 2024. Edgemere Commons B1, TS Communities’ first project, opened in 2025, and its second is currently under construction with opening anticipated in mid-2027. Upon full buildout, Edgemere Commons will encompass more than 2,000 all-affordable apartments, along with retail, community facilities, and public open space. The Edgemere Commons complex is accessible via the A train at the nearby Beach 44^th St. and Beach 60^th St. stations and the Q22 and Q52+ bus lines, providing connections to the rest of Queens and Manhattan.

In addition to Edgemere Commons, Tishman Speyer’s TS Communities is developing an eight-story, 100% affordable apartment building at 160 Van Cortlandt Park South in the Kingsbridge neighborhood of the Bronx. That project is slated for completion in early 2027.

Tishman Speyer senior managing director Michelle Adams said, “We’re proud to advance Edgemere Commons B2, another important step forward in creating a vibrant, affordable neighborhood. Working alongside our partners in City government, we continue to build momentum toward our shared vision and the opportunities it will bring for residents and families of Far Rockaway.”

Hudson Housing Capital managing director Sam Ganeshan said, “Hudson Housing Capital is proud to continue its partnership with TS Communities to finance affordable and supportive housing at Edgemere Commons with the financial closing of Building B2. We thank all parties involved, including our investor Capital One, for their collaboration and commitment to advancing the next phase of this large-scale, impactful community development. We look forward to seeing Building B2 and the Edgemere Commons master development plan come to fruition.”

Capital One community finance senior director Loretta Duffy said, “At Capital One, our dedication to the communities we serve goes far beyond banking. This partnership on Edgemere Commons B2 underscores our Community Benefits Plan commitment to addressing the affordable housing crisis by investing in safe, stable, and sustainable housing. We aren’t just financing buildings—we are helping create vibrant, resilient neighborhoods where families can thrive, and we are proud to play a key role in bringing this 100-percent affordable development to life in Queens.”

HPD deputy commissioner of development Patrick Love said, “Edgemere Commons is serving as a catalyst for renewal in the Rockaways, transforming an area once devastated by Superstorm Sandy into a thriving and resilient community with 2,000 new homes. This next phase will deliver 300 affordable homes, providing apartments for hundreds of New Yorkers, including 45 who were formerly homeless. We are grateful to all who have made this collaboration possible and look forward to breaking ground.”

HDC president Eric Enderlin said, “The third phase of this transformative development will deliver more than 300 deeply affordable homes to the Rockaways, along with onsite social services provided by our nonprofit partners at Breaking Ground. HDC is proud to finance projects like Edgemere Commons that respond directly to New Yorkers’ urgent housing needs.”

Queens Borough president Donovan Richards, Jr. said, “Edgemere Commons isn’t just a blueprint or a plan. It is a living, breathing testament to the good that can happen when public and private partners come together on behalf of families in need of high-quality affordable housing. This next phase of Edgemere Commons represents a strengthening of our commitment to supporting a peninsula that has long been disregarded and disinvested in. I’m grateful to all our partners who are working to bring Edgemere Commons B2 and its incredible amenities to life as quickly as possible, and I look forward to the day we put shovels in the ground.” 

New York City Council member Selvena Brooks-Powers said, “The continued growth of Edgemere Commons reflects years of collaboration, planning, and advocacy on behalf of the Rockaway community. This next phase will create new affordable housing opportunities while advancing a vision of equitable development that centers the needs of local residents. I appreciate the commitment of our public and private partners to ensuring that investment in the Rockaways is accompanied by meaningful and long-term community benefits.”

New York State senator James Sanders Jr. said, “For too many families, finding housing they can actually afford remains one of the biggest challenges they face. That›s why every new affordable apartment matters. This next phase of Edgemere Commons is about giving working people, seniors, and families the opportunity to remain in the community they helped build. We still have more work to do, but this investment moves us in the right direction and brings new hope to Rockaway residents.”

New York State assemblymember Khaleel M. Anderson said, “Another significant milestone of progress is underway on the Peninsula. The expansion of access to affordable housing, social services, and commercial space through the next phase of Edgemere Commons will deliver meaningful and lasting benefits to the community. As the demand for housing continues to grow across New York City, the development of truly affordable homes in the Rockaways helps bridge that gap and create new opportunities.”

 

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