New York City Selects Development Team for Nearly 1,000 Homes in Long Island City
- ARCFE U.S.
- 2 days ago
- 3 min read
The New York City Department of Housing Preservation and Development has selected a development team to transform a long-vacant public site in Hunter’s Point South into The Orion, a large mixed-use housing and community development in Long Island City.
The selected team includes Slate Property Group, The Hudson Companies and Volunteers of America–Greater New York. Marvel Architects will lead the design, while Commonpoint Queens will operate several of the proposed community facilities.
According to the official HPD announcement, The Orion will include three buildings with approximately 980 apartments. About 658 homes will be income-restricted for extremely low- to moderate-income households, including approximately 150 supportive apartments.
The approximately 70,000-square-foot public site, also known as Parcel E, is located at 54-42 Second Street. The proposal includes about 8,900 square feet of community facility space, a childcare center, workforce development programs, an indoor community pool and approximately 6,000 square feet of ground-floor retail space.
The project is also expected to include family-sized apartments, children’s play areas, fitness centers, community rooms, bicycle storage and rooftop terraces. Commonpoint Queens will operate the childcare center, workforce development center and community pool.
The development team was selected through HPD’s competitive Request for Proposals process. HPD released the Parcel E RFP in June 2025 after gathering community input on housing, recreation and neighborhood services.
The Orion will also be the first project to use HPD’s Mixed Income Market Initiative framework, which combines market-rate and income-restricted homes within the same development to help support the affordable housing component.
The development team must now continue predevelopment work and secure project financing before construction can begin. The selection of a developer is therefore an important planning milestone, but it should not be described as the start of construction.
Why The Orion Matters for New York Real Estate
The Orion shows how New York City can use publicly owned land to deliver housing and community facilities within one coordinated plan.
For clients following Long Island City, the practical takeaway is simple: the neighborhood’s long-term development is not limited to new residential buildings. Childcare, employment services, retail space and recreational facilities are also being added to support a growing residential population.
EB-5 Investor Insight
1. Community infrastructure can strengthen neighborhood demand.Housing growth is more sustainable when schools, services, retail and public amenities expand alongside the residential population.
2. Development milestones should be identified accurately.Developer selection is meaningful progress, but financing, approvals and construction remain separate stages that should be reviewed individually.
Investors can learn more about the importance of neighborhood fundamentals through ARCFE’s article, Why Location & Market Demand Matter in an EB-5 Investment.
Related ARCFE Resources
Review important travel, tax, residency and immigration considerations after receiving a conditional green card.
Learn how senior debt, mezzanine financing, preferred equity and common equity differ in repayment priority and risk exposure.
Understand how transportation, community infrastructure and real market demand can influence project development and long-term performance.
Interested in New York Real Estate-Backed EB-5 Opportunities?
Official Sources
Official Announcement: NYC HPD — Nearly 1,000 New Homes and Community Amenities Planned at The Orion
Original Reporting: Commercial Observer — NYC Selects Development Team to Build 980 Homes in LIC
Public Land and RFP Information: NYC HPD — Hunter’s Point South Parcel E
Disclaimer: Articles published under the "News" category are curated from third-party media sources for informational purposes only. ARCFE does not claim ownership of the original content, nor does it guarantee the accuracy, completeness, or timeliness of the information presented. The views and opinions expressed in these articles are those of the original authors and do not necessarily reflect the position of ARCFE. Nothing contained herein constitutes investment, legal, or tax advice. Readers are encouraged to consult with qualified professionals before making any investment decisions.
