- BLDG Management says The Orchard, a 70-story Long Island City tower and Queens’ tallest, has passed 90% leased across its 824 apartments nine months after residential leasing began.
- The tower signed its first three retail tenants, Tokimo, Mollytea and Intuit, for more than 7,468 square feet combined, with little retail space left and openings set for 2027.
- Fast absorption in an 824-unit building shows how deep rental demand runs in Long Island City, even as Queens rent growth trails the other boroughs.
The Orchard, Queens’ tallest tower, is more than 90% leased, with 824 apartments in total, just nine months after leasing began, according to Connect CRE.
BLDG Management, the developer, also signed the 70-story Long Island City building’s first three retail tenants.
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Retail Arrives
Tokimo is a K-beauty brand, Mollytea a Japanese tea and beverage label, and Intuit a fintech platform. Together they take more than 7,468 SF, or roughly 2,500 SF apiece by our math.
Little retail space remains. None of the three has a Long Island City location yet, and openings are expected in 2027.
The Pace
At 90% of 824 units, that’s more than 740 apartments leased in nine months, or roughly 80 a month by CRE Daily’s math.
Lloyd Goldman, BLDG Management’s president, said leasing past 90% in nine months reflects demand for what the company built. BLDG, he noted, has operated in the neighborhood for over 60 years.
Zoom Out
Queens is the slowest-moving of the big boroughs on rent. Chandan Economics put Queens at 3.7% annual growth in our brief on NYC rent growth, below the Bronx at 6.2% and Manhattan at 5.8%.
The same report said Queens’ latest three months, annualized, ran at 3.9%, the only borough trailing the 4.3% national pace, though it is accelerating from its yearly rate.
Slower rent growth hasn’t stopped absorption here. Long Island City is also drawing industrial users: Innovo’s LIC tower reached 50% leased across four tenants, according to Bisnow.
Why It Matters
A new 824-unit supply wave was absorbed in under a year, which says renters still want new product in the neighborhood. Retail tenants following the residents is the next sign that the area is maturing.
Amenity-heavy towers can pull both renters and brands, and The Orchard now has proof of both.
What’s Next
The three retail tenants should open in 2027. With little retail space left and the apartments nearly full, the open question is how much of the remaining inventory BLDG fills before then.
By our math, fewer than 85 apartments are still unleased.
