Residential
Queens' Tallest Tower Hits 90% Leased Nine Months After Opening Its Doors
By Real Estate Wire Staff, . Real Estate Wire.
The Orchard, the 70-story rental tower that stands as the tallest building in Queens, has surpassed 90% leased across its 824 apartments, Connect CRE reported, citing an announcement from developer BLDG Management Co. The milestone came nine months after residential leasing launched, according to Connect CRE, though Propmodo put the marketing period at ten months. Both outlets agree the building is not scheduled to open until early 2027, meaning the tower is effectively sold out more than a year before delivery.
What the building is
At 823 feet, The Orchard surpasses the nearby Skyline Tower's 778 feet to claim the tallest-building title in Queens, and ranks second-tallest in New York outside Manhattan, behind only Brooklyn Tower, according to Propmodo. Of the 824 apartments, 576 are market-rate and 248 are affordable. The development includes more than 100,000 square feet of amenities, anchored by what the developer describes as a 60,000-square-foot landscaped recreation area. Corcoran New Developments serves as exclusive leasing agent.
The retail picture
The ground-floor retail space now has three signed tenants: Tokimo, a K-beauty brand; Mollytea, a Japanese tea and beverage brand; and Intuit, the financial technology company. Together they account for more than 7,468 square feet, with limited space remaining, Connect CRE reported. For each of the three brands, the location will mark their first presence in Long Island City, with all three expected to open in 2027.
Lloyd Goldman, president of BLDG Management, said the building was designed as more than a residence. "Surpassing 90% leased in just nine months reflects the demand for what we've created, while the addition of Tokimo, Mollytea, and Intuit will make The Orchard an even more dynamic destination for residents and the LIC community," Goldman said.
What it signals for Long Island City
Long Island City has added thousands of rental units over the past decade and is among the city's most active residential development corridors. Absorption at this pace, ahead of delivery, suggests renters are willing to commit early to buildings that combine large amenity packages with proximity to Manhattan, even as the broader New York market absorbs elevated supply, Propmodo noted.
The practical question for investors and developers watching this market is whether The Orchard's lease-up pace reflects the specific draw of a record-setting building, or whether it points to durable demand for well-amenitized Long Island City product at scale. One data point does not answer that, but a 90%-plus absorption rate a year before opening, in a market with plenty of competing inventory, is not a number to dismiss.
Sources
1. Queens' Tallest Tower Reaches 90% Leased, Adds First Retail Tenants, connectcre.com
2. Long Island City Rental Tower Hits 90% Leased Before Opening, propmodo.com
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