LMXD and BedRock Real Estate Partners have finalised $250 million in financing for the acquisition and construction of a residential project in Astoria, Queens. The loan from New York Life Investment Management will enable the development of 560 mixed-income residential units at 35-10 Steinway Street. Additionally, a new retail location for a P.C. Richard & Son store is planned in the neighbourhood, as announced by the developers.
A spokesperson for LMXD and BedRock stated that the company is pleased to advance the project, which will bring mixed-income housing, including permanently affordable homes, to Steinway Street and contribute to the responsible growth of this vibrant district. BedRock and LMXD acquired the site, which also includes 35-18 Steinway Street, last year for $47.7 million. JLL brokered the financing for the transaction. Spokespeople for JLL and New York Life did not immediately respond to requests for comment.
The planned apartments in the Astoria project include units ranging from studios to three-bedroom flats, with 25 per cent designated as affordable housing for households earning 60 per cent of the area median income. The building will be designed by Beyer Blinder Belle Architects & Planners and will feature a fully electric infrastructure.
A notable aspect of the development is that it is located in an area rezoned in 2022 as part of a Uniform Land Use Review Procedure (ULURP). This occurred as part of Silverstein Properties' former Innovation QNS project. This originally planned five-block, $2 billion mixed-use scheme, which envisioned 3,200 new units, was dissolved after Silverstein withdrew from the deal. Subsequently, BedRock and L+M Development Partners, LMXD's parent company, took over further development.
Besides securing P.C. Richard & Son's presence in the neighbourhood, Silverstein had also planned an upgrade of studio and theatre spaces for the Kaufman Astoria Studios. The two remaining partners announced in September 2025 that they would continue the project with a more phased approach. Construction for the new development is set to begin this month, with completion expected by 2029.
