Tishman Speyer files plans for 244-unit project in Edgemere
337 Beach 52nd Street seen from Beach 53rd Street (Credit - Cyclomedia)
Tishman Speyer submitted a new building construction project for a 244-unit, 256,992 square-foot residential (R-2) building at 337 Beach 52nd Street in Edgemere, Queens. The plan was filed with the New York City Department of Buildings on August 21, 2024 under job number Q00954283. It calls for the construction of an 18-story building. The project is described in the filing as: new eighteen story and basement, mixed-use dwelling. Christopher McCartin, Senior Managing Director at Tishman Speyer, filed the plans. The architect is Aufgang Architects.
The property
The parcel has frontage of zero feet and is zero feet deep with a total lot size of 32,040 square feet. The zoning is C4-4 which allows for up to 3.4 times floor area ratio (FAR) for commercial and up to 3.44 times FAR for residential. The city-designated market value for the property in 2022 is $1 million. The most recent loan totaled $55 million and was provided by Wells Fargo on November 18, 2021.
| wdt_ID | floor | comment | description | persons_permitted | occupancy_label | zoning_use | dwelling_units |
|---|---|---|---|---|---|---|---|
| 1 | Basement | PARKING | Parking Garage | 57 | Storage | 2a | |
| 2 | Basement | COMPACTOR ROOM (INCIDENTAL TO RESIDENTIAL) | Apartment | 2 | Residential | 2a | |
| 3 | Basement | BICYCLE STORAGE ROOM | Apartment | 7 | Residential | 2a | |
| 4 | 1 | RESIDENTIAL LOBBY | Apartment | 5 | Residential | 2b | |
| 5 | 1 | PARKING | Parking Garage | 35 | Storage | 2b | |
| 6 | 1 | GAS METER ROOM, WATER METER AND PUMP ROOM, ELECTRICAL SERVICE ROOM AND FIRE PUMP ROOM (INCIDENTAL TO RESIDENTIAL USE) | Apartment | 4 | Residential | 2b | |
| 7 | 1 | COMMERCIAL SPACE | Retail Sale | 132 | Mercantile | 6 | |
| 8 | 1 | SUPER OFFICE AND LOCKER ROOM | Apartment | 2 | Residential | 2a | |
| 9 | 1 | STORAGE ROOM | Apartment | 1 | Residential | 2a | |
| 10 | 2 | PARKING | Parking Garage | 39 | Storage | 2a | |
| 11 | 2 | MANAGEMENT SPACE | Apartment | 5 | Residential | 2b | |
| 12 | 2 | SOCIAL SERVICES SPACE | Apartment | 3 | Residential | 2b | |
| 13 | 2 | TELECOM SERVICE ROOM, ATS-EMERGENCY ROOM, ARCS ROOM | Apartment | 3 | Residential | 2b | |
| 14 | 2 | STORAGE ROOM | Apartment | 1 | Residential | 2a | |
| 15 | 3 | PARKING | Parking Garage | 76 | Storage | 2a | |
| 16 | 3 | ELECTRICAL METER ROOM | Apartment | 2 | Residential | 2a | |
| 17 | 4 | RECREATION ROOM | Apartment | 120 | Residential | 2a | |
| 18 | 4 | OUTDOOR RECREATION AREA | Apartment | 14 | Residential | 2b | |
| 19 | 4 | LAUNDRY ROOM | Apartment | 2 | Residential | 2b | |
| 20 | 4 | REFUSE ROOM | Apartment | 0 | Residential | 2b | |
| 21 | 4 | EIGHTEEN (18) CLASS 'A' DWELLING UNITS | Apartment | 0 | Residential | 2a | 18 |
| 22 | 5 | TWENTY-TWO (22) CLASS 'A' DWELLING UNITS | Apartment | 0 | Residential | 2a | 22 |
| 23 | 5 | REFUSE ROOM | Apartment | 0 | Residential | 2b | |
| 24 | 5 | REFUSE ROOM | Apartment | 0 | Residential | 2b | |
| 25 | 6 | TWENTY-TWO (22) CLASS 'A' DWELLING UNITS | Apartment | 0 | Residential | 2a | 22 |
Prior sales and revenue
This property was sold with 10 other properties by Arker Companies for $90.4 million to Tishman Speyer on November 18, 2021.
Violations and lawsuits
According to city public data, the property has not received any significant violations in the last year.
There were no lawsuits or bankruptcies filed against the property for the past 24 months.
The neighborhood
In Edgemere, The majority, or 79 percent of the 4.4 million square feet of commercial built space are elevator buildings, with specialty buildings next occupying 17 percent of the space. In sales, Edgemere has near average sales volume among other neighborhoods with $39.3 million in sales volume in the last two years and is the 29th highest in Queens. For development, Edgemere has near average amount of major developments among other neighborhoods and is the 7th highest in Queens. It had 930,229 square feet of commercial and multi-family construction under development in the last two years, which represents 21 percent of the neighborhood’s built space.
The block
On this tax block, PincusCo has identified the owners of 10 of the 10 commercial properties representing zero square feet of the zero square feet. The largest owner is Arker Companies, followed by Tishman Speyer and then Welllife Network. On the tax block, there were three new building construction projects totaling 639,252 square feet. The largest is a 244-unit, 256,992 square-foot residential (R-2) building submitted by Tishman Speyer and filed by Christopher McCartin with plans filed August 21, 2024 and it has not been permitted yet. The second largest is a 257-unit, 220,478 square-foot residential (R-2) building submitted by Arker Companies and filed by Alex Arker with plans filed September 25, 2020 and permitted October 18, 2023.
The owner
The PincusCo database currently indicates that Tishman Speyer owned at least 34 commercial properties with 2,352 residential units in New York City with 17,120,945 square feet and a city-determined market value of $6.4 billion. (Market value is typically about 50% of actual value.) The portfolio has $3.7 billion in debt, with top three lenders as Wells Fargo, Blackstone Group, and Bank of America respectively. Within the portfolio, the bulk, or 75 percent of the 17,120,945 square feet of built space are office properties, with specialty properties next occupying 9 percent of the space. The bulk, or 80 percent of the built space, is in Manhattan, with Queens next at 16 percent of the space.
The surrounding
Within a 400-foot radius of Beach 53 street, PincusCo identified four commercial real estate items of interests occurred over the past 24 months. Of those four items, two were sales above $5 million totaling $33.5 million. The most recent of the two was WellLife Network which bought the 0-square-foot development site (V6) on 5119 Beach Channel Drive for $11.5 million from Tishman Speyer on July 7, 2023. Of those four items, two were loans above $5 million totaling $156 million. The most recent of the two was Tishman Speyer in which borrowed $132.3 million from NYC Housing Development Corporation secured by the 0-square-foot development site (V6) on 5119 Beach Channel Drive on July 7, 2023.
Direct link to the property’s ACRIS page and link to DOB NOW portal.