Long Island City Rental Tower Hits 90% Leased Before Opening
The Orchard, a 70-story rental tower in Long Island City, reached 90% leased after 10 months of marketing and more than a year before its early 2027 opening. Construction wrapped last year on the 824-unit project, developed by BLDG Management Co. under CEO Lloyd Goldman. The building also signed its first retail tenants — K-beauty brand Tokimo, Japanese tea and beverage brand Mollytea, and financial tech firm Intuit — filling nearly all of its 7,500 square feet of ground-floor space. Corcoran New Developments serves as exclusive leasing agent.
At 823 feet, the tower claims the title of tallest building in Queens, surpassing the nearby Skyline Tower’s 778 feet. It ranks as the second-tallest building in New York outside Manhattan, behind only Brooklyn Tower. The project includes more than 100,000 square feet of amenities, anchored by a 60,000-square-foot landscaped recreation area that the developer calls the city’s largest private backyard. Of the 824 apartments, 576 are market-rate and 248 affordable.
Preleasing performance at The Orchard reflects continued demand for new rental inventory in Long Island City, which has emerged as one of the city’s most active residential development districts. The tower sits near the foot of the 59th Street Bridge in a neighborhood that has added thousands of units over the past decade. Strong absorption ahead of delivery suggests renters remain willing to commit to properties offering large amenity packages and location advantages, even as the broader New York rental market contends with elevated supply.
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