Cord Meyer Breaks Ground on 145-Unit Rental Development at Bay Terrace in Bayside

• Cord Meyer Development has broken ground on a 145-unit rental community at the Bay Terrace Shopping Center in Bayside, Queens.
• The $100M-plus project will feature two five-story buildings with one-, two- and three-bedroom apartments, including at least 29 affordable units.
• New York Life Real Estate Investors provided $75M in construction financing, while completion is targeted for early 2028.

What Cord Meyer Is Building

Cord Meyer Development officially broke ground September 10 on its new residential community at the Bay Terrace Shopping Center, adding 145 rental apartments above currently underutilized upper-level parking areas off 26th Avenue. The development represents an investment of more than $100 million and will integrate new housing directly with the existing 326,445-square-foot retail center. The shopping center will remain operational throughout construction. The project was originally planned as three buildings but has since been consolidated into two five-story structures, while keeping the 145-unit count unchanged.

 

 

 

 

What The 145 Apartments Will Include

The apartments will range from one to three bedrooms, with many units offering private terraces or balconies. Select first-floor residences will also have individual entrances. One building will be organized around a landscaped resident courtyard, while other amenities will include rooftop terraces, outdoor gathering areas, resident lounges and a clubhouse designed for both remote work and community events. A below-grade garage will provide one parking space per residence, with electric-vehicle charging also planned.

 

 

What The Development Team Is Doing

STUDIO V Architecture is designing the project, with Callahan Construction Managers serving as general contractor. The broader project team also includes VHB as civil engineer and Wexler Associates as structural engineer. Cord Meyer Vice President Joe Forgione described the redevelopment as a way to put underused parking areas to work while strengthening the shopping center.

“This next phase builds on that legacy, transforming parking areas that typically see low usage into thoughtfully designed housing.”

The strategy effectively adds residential density without eliminating existing retail space or displacing current businesses.

 

 

What The $75M Loan Means

The project secured $75 million of construction financing from New York Life Real Estate Investors, with Avison Young arranging the transaction. The financing was structured under New York's 485-x tax incentive program. For investors and landlords, the deal is notable because Cord Meyer is adding multifamily units to an established retail property rather than developing an entirely new standalone site. The strategy creates a built-in connection between housing, retail, dining and neighborhood services. New York Life cited Cord Meyer's long-term ownership strategy and established presence in Queens as factors behind the financing.

 

 

What Comes Next

Construction is now underway, with the new residential buildings expected to be completed at the beginning of 2028. The Bay Terrace Shopping Center will continue operating during construction, preserving the existing retail base while the residential component rises above the parking areas. The project is another example of mixed-use infill development in Queens, converting underutilized commercial parking into new housing while maintaining the underlying retail destination.