TL;DR
Elmord Management has secured $72.3 million in acquisition and construction financing for a new multifamily development in Long Island City, Queens. The loan was originated by BridgeCity Capital for the developer's planned 161-unit project at 44-68 Vernon Boulevard.
Brooklyn-based developer Elmord Management has landed $72.3 million of acquisition and construction financing to build a multifamily development at a former industrial site in Long Island City, Queens, Commercial Observer has learned.
BridgeCity Capital originated the loan for the developer’s planned 161-unit project at 44-68 Vernon Boulevard in Hunters Point. Elmord acquired the property for $28 million from an undisclosed seller, according to BridgeCity. A warehouse-style structure built in 1953 is currently on the site.
“This transaction is another example of our ability to structure and execute complex financing solutions efficiently, while continuing to support high-quality development projects across New York City,” EJ Ehrlich, director of originations for Brooklyn-based BridgeCity, said in a statement.
The 44-68 Vernon property is steps from a warehouse property that was formerly planned as Amazon’s New York City headquarter before the e-commerce giant pulled out of the project in 2019. Elmford plans a 16-story, 142,697-square-foot apartment building that also includes commercial space.
In this story
This story was originally published by Andrew Coen in Commercial Observer on June 30, 2026. Burnaze summarizes and links to the original reporting.
Read the full story at Commercial ObserverLiked this? Get the week's franchise news, explained
- Sunday 8 AM ET weekly + a monthly deep dive
- Sections picked for the industries you follow
- Every claim linked to its source. Free.