In the tallest residential tower in the New York borough of Queens, owner and developer BLDG Management has recorded new leasing success. In the 70-storey building The Orchard at 42-06 Orchard Street in the Long Island City neighbourhood, several retail leases totalling 7,468 square feet have been signed.
The new occupiers include US financial technology platform Intuit, the provider behind software solutions such as TurboTax, QuickBooks, Credit Karma and Mailchimp. The company signed a lease for 3,546 square feet of commercial space in September. The official opening of this location is scheduled for this coming December.
Tenant mix bolstered by international concepts
Alongside Intuit, further agreements were concluded for the ground-floor commercial units. Japanese tea and beverage brand Mollytea signed a contract for 1,671 square feet in October and plans to start business operations in the second quarter of 2027. In July, Korean cosmetics retailer Tokimo had already secured 2,251 square feet of rental space. For Tokimo, this marks its third branch in the metropolitan area, following locations in Flushing and East Rutherford in the US state of New Jersey.
The parties involved did not disclose details regarding exact rental prices or agreed lease terms. According to market overviews from property portal Loopnet, average asking rents for retail space in Long Island City range from 18 $ to 100 $ per square foot.
High occupancy level in the residential segment
Lloyd Goldman, President of BLDG Management, explained that The Orchard was deliberately designed as a place connecting living space, leisure facilities and services, offering people opportunities to work and socialise directly where they live. As BLDG Management has been rooted in Long Island City for more than 60 years, the project is intended to build on this legacy and benefit both residents and the wider community.
The exclusive marketing and letting of the property is being handled by Corcoran Sunshine. The tower comprises a total of 824 residential units and, according to the owner, currently has an occupancy rate of 90 per cent.
- —An outdoor deck of around 60,000 square feet with a swimming pool, dog park, barbecue areas and a running track
- —Indoor workspaces as well as leisure and games areas
- —A separate room for private events and a rooftop lounge
