Cord Meyer Development Finds Financing for 145-Unit Project

First a bowling alley, next a parking lot? Matthew Whalen’s firm is embarking on another unconventional Queens development.

Cord Meyer Development scored a $75 million construction loan for a multifamily project above the parking area of the Bay Terrace Shopping Center, the Commercial Observer reported. New York Life Real Estate Investors provided the financing for the Residence at Bay Terrace.

An Avison Young team including Scott Singer, Andy Singer and Kevin Swartz arranged the debt.

Plans call for two five-story buildings with a combined 145 units, ranging from one- to three-bedroom layouts. Amenities at the property will include rooftop terraces and a clubhouse.

The developer is set to utilize the 485x tax abatement program, which grants savings in exchange for the creation of affordable housing units. It’s unclear how many units at the complex will be designated affordable.

“The new Residences at Bay Terrace reflect a broader shift toward mixed-use development that supports how people live, shop and gather,” Cord Meyer vice president Joe Forgione said in a statement.

Construction is expected to begin this month and wrap in 2028. While work is happening, the 300,000-square-foot shopping center on 26th Avenue is expected to remain open.

Bay Terrace is a neighborhood within a neighborhood, situated in the larger Bayside community. Last month, the City Council approved a 183-unit housing development at 217-14 24th avenue, where 55 units will be designated as affordable after developers Apex and Barrone Management offered concessions to local Council member Vickie Paladino.

As for Cord Meyer, the Forest Hills-based developer and the Variety Boys and Girls Club of Queens filed an application last year for a 276-unit project at 69-10 34th Avenue in Jackson Heights. The proposal would see the demolition of the existing Lucky Strike bowling alley and construction of a 13-story, 276-unit mixed-use project spanning 214,000 square feet.

— Holden Walter-Warner