Related Lands $153.8M Construction Loan for 221-Unit Willets Point Project

• Related Companies secured a $153.8 million construction loan tied to a new residential project in Willets Point, Queens.
• The development will bring 221 residential units as part of the broader Willets Point redevelopment district.
• The project adds momentum to one of New York City’s largest ongoing mixed-use redevelopment plans.

What Related Is Building in Willets Point

Related Companies has signed a $153.8 million construction loan agreement with New York City for a new multifamily development in Willets Point, Queens. The project will include 221 residential units and forms part of the larger transformation underway around Citi Field and the Willets Point district. The development continues the long-running redevelopment push that aims to turn the formerly industrial area into a major mixed-use neighborhood with housing, retail, hospitality, entertainment, and public infrastructure. Willets Point has become one of the city’s most ambitious redevelopment zones because of its large-scale land assemblage and direct access to regional transit infrastructure.

Why Willets Point Matters

The district sits next to Citi Field, the USTA Billie Jean King National Tennis Center, and major highways connecting Queens to Manhattan and Long Island. City officials have spent years repositioning the neighborhood into a dense residential and entertainment corridor capable of supporting thousands of new housing units and commercial spaces. Related Companies has played a major role in the area’s redevelopment, helping lead multiple phases tied to affordable housing, infrastructure upgrades, and mixed-use construction. The latest financing reflects continued public-private cooperation between New York City and major developers as officials prioritize large-scale housing production.

What the Deal Signals for NYC Development

The financing agreement highlights how public-backed projects continue moving forward in New York despite elevated interest rates and tighter capital markets. Large master-planned districts like Willets Point remain attractive because developers can phase projects over time while benefiting from long-term infrastructure investment and city support. Queens, in particular, has emerged as one of New York City’s most active development boroughs as developers target transit-oriented neighborhoods with large-scale residential demand. For Related Companies, the loan further expands its already significant footprint across New York City’s multifamily and mixed-use development pipeline.