Cord Meyer signs $63M construction loan with New York Life for 145-unit project in Bay Terrace

Cord Meyer Development Company through the entity 21029 26 Ave LLC as borrower signed a new construction loan with lender New York Life Insurance Company valued at $63 million for the property at 210-27 26th Avenue in Bay Terrace, Queens, where the developer plans three buildings with a total of 145 residential units.

On the lot, there is one active new building construction project, Q01230197, for a 99-unit, 88,165 square-foot R-2 building. The project was submitted by Cord Meyer Development Company and filed by Kathleen Marchiella with plans filed June 23, 2025 and it has not been permitted yet. The developer has also proposed a 46-unit project on the same tax parcel under job number Q01129971.
The deal closed on March 12, 2026 and was recorded on March 23, 2026. The property has zero square feet of built space according to a PincusCo analysis of city data.
The signatory for Cord Meyer Development Company was Kevin Schmidt .

The block

On this tax block, PincusCo has identified the owners of three of the four commercial properties representing 346,518 square feet of the 349,514 square feet. The identified owner is Stop & Shop.

The majority, or 62 percent of the 349,514 square feet of built space are retail buildings, with mixed-use buildings next occupying 38 percent of the space.

The borrower

The PincusCo database currently indicates that Cord Meyer Development Company owned at least two commercial properties in New York City with 155,349 square feet and a city-determined market value of $49.7 million. (Market value is typically about 50% of actual value.) The portfolio has $42.5 million in debt, borrowed from Webster Bank. Within the portfolio, the bulk, or 70 percent of the 155,349 square feet of built space are office properties, with mixed-use properties next occupying 30 percent of the space. They are all located in Queens.

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