NEW YORK CITY — TS Communities, the affordable housing platform of Tishman Speyer, is set to break ground on Edgemere Commons A2, a 244-unit affordable housing development in Queens. The community will rise 18 stories at 337 Beach 52nd St.
Units will come in studio, one-, two- and three-bedroom floor plans. Edgemere Commons A2 will be affordable for households earning between 40 to 80 percent of the area median income. Additionally, 73 units will be set aside as supportive housing. Social service provider Breaking Ground will operate the supportive housing units.
Residents will have access to shared amenities including a community room, outdoor space with an adjoining recreation room, laundry facility, supportive services offices, a skydeck on the fourteenth floor, on-site parking and ground-level retail space.
Construction is slated to begin this April. An estimated completion date was not disclosed.
The developer has secured $166 million in total financing, led by New York State Homes and Community Renewal, for the project. Citi Community Capital will provide a construction period letter of credit, while Hudson Housing Capital will secure an equity investment from the purchase of low-income housing tax credits.
Edgemere Commons A2 is the third apartment building set to rise at Edgemere Commons, an affordable residential neighborhood. Arker Cos. and Slate Property Group built the first building in 2024. TS Communities expects to open the second in the third quarter of this year. Once completed, Edgemere Commons will feature up to 2,050 apartments. TS Communities will continue to develop Edgemere Commons in phases.