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Greenberg Traurig Assists BLDG Management Co. Inc. with Construction Loan for 800,000-Sq-Ft Long Island City Residential Building

NEW YORK – June 22, 2023 – Gary S. Kleinman and Joel C. Harrison, Real Estate shareholders at global law firm Greenberg Traurig, LLP, assisted BLDG Orchard LLC, an affiliate of BLDG Management Co. Inc., with a $425 million loan for the construction of an 800,000-square-foot mixed-use building at 42-02 Orchard Street in Long Island City, known as The Orchard. According to building plans, the 780-foot tower will feature multiple ground-floor retail spaces, more than 60 floors of residential units, a swimming pool, gym, and lounges.

M&T Bank led the $425 million loan for the planned 69-story development, while U.S. Bank and Bank of China were co-joint lead arrangers on the deal. Israel Discount Bank, City National Bank and Bank Hapoalim also contributed to the loan. Greystone Capital Advisors arranged the transaction.

The Orchard will include 824 apartments, 207 parking spaces, and 13,000 square feet of above-grade retail space. When completed around 2026, the property will be one of the latest multifamily developments eligible to receive a 35-year real estate tax exemption under the recently expired 421a Affordable New York Housing Program, which requires 30% of the units be set aside for households earning at or below 130% of the area median income, according to Greystone.

New York City-based BLDG Management Co. Inc. is a privately held real estate investment and management company. BLDG operates a portfolio consisting of residential buildings, retail, industrial, and office properties. The portfolio includes in excess of 300 properties. BLDG was founded more than 60 years ago.

About Greenberg Traurig's Real Estate Practice: The Greenberg Traurig Real Estate Practice is a cornerstone of the firm and recognized leader in the industry. The firm’s real estate attorneys deliver diversified and comprehensive counsel for property acquisition and investment, development, management and leasing, financing, restructuring, and disposition of all asset classes of real estate. The team draws upon the knowledge and experience of more than 700 real estate lawyers from around the world, serving clients from key markets in the United States, Europe, the Middle East, Latin America, and Asia. The group’s clientele includes a broad range of property developers, lenders, investment managers, private equity funds, REITs, and private owners. The firm’s real estate team advises clients on a variety of matters across a broad spectrum of commercial, recreational, and residential real estate, including structured equity and debt and the hybrids.

About Greenberg Traurig: Greenberg Traurig, LLP has more than 2650 attorneys in 45 locations in the United States, Europe and the Middle East, Latin America, and Asia. The firm is a 2022 BTI “Highly Recommended Law Firm” for superior client service and is consistently among the top firms on the Am Law Global 100 and NLJ 500. Greenberg Traurig is Mansfield Rule 5.0 Certified Plus by The Diversity Lab. The firm is recognized for powering its U.S. offices with 100% renewable energy as certified by the Center for Resource Solutions Green-e® Energy program and is a member of the U.S. EPA’s Green Power Partnership Program. The firm is known for its philanthropic giving, innovation, diversity, and pro bono. Web: www.gtlaw.com.