Arverne East Secures $278M for Building D of NYC’s First Net-Zero Neighborhood

A joint venture led by L+M Development Partners lands $278M for Building D of Arverne East, a net-zero master-planned community in Far Rockaway, Queens.

By: AXL Media

Published: Mar 12, 2026, 7:06 AM EDT

Source: https://www.multihousingnews.com/

Building D: Specs and Sustainability

Scheduled for completion in 2028, Building D is a 10-story, 360,000-square-foot structure that embodies the master plan’s environmental and social goals.

Residential Mix: 230 affordable rentals and 90 homeownership units reserved for residents earning up to 100% of the Area Median Income (AMI).

Mixed-Use Component: 17,000 square feet of ground-floor commercial space.

Net-Zero Engineering: The structure will be PHIUS certified (Passive House), utilizing geothermal energy and solar power for all heating, cooling, and hot water, effectively eliminating on-site fossil fuel usage.

Resiliency Design: Developed in response to the lessons of Superstorm Sandy, all residential and commercial spaces are elevated above flood levels to mitigate future coastal risks.