Cord Meyer Development Company Breaks Ground on $100M-Plus Multifamily Project at Bayside's Bay Terrace Shopping Center

Cord Meyer Development Company broke ground September 10 on a more than $100 million residential community at the Bay Terrace Shopping Center in Bayside, Queens, adding 145 rental apartments to one of Northeast Queens' most established retail destinations and advancing what the Forest Hills-based developer describes as a broader repositioning of the property.

The development will deliver two five-story buildings constructed atop currently underutilized upper-level parking areas off 26th Avenue at the shopping center, located at 212-45 26th Ave. A $75 million construction loan helped unlock the start of construction. Completion is targeted for early 2028.

Project Details and Amenities

The as-of-right development will include a mix of one-, two-, and three-bedroom apartments in elevator buildings featuring brick facades with stone accents. Many residences will include private terraces or balconies, and some first-floor homes will have individual entrances. Below-ground resident parking is planned alongside a range of amenities, including rooftop terraces, outdoor gathering areas, resident lounges, a live-in superintendent, and a clubhouse designed to accommodate both remote work and community use.

Cord Meyer Vice President and Bay Terrace Project Lead Joe Forgione said the residential component is designed to be fully integrated with the existing retail center, which spans roughly 314,000 square feet and includes grocery, restaurant, entertainment, fitness, and retail tenants.

"We're providing residents with convenient access to grocery shopping, restaurants, entertainment, fitness and a wide range of national and local retailers," Forgione said. "The residential development follows a major repositioning of the shopping center and represents the next phase in the evolution of the Bay Terrace property."

Cord Meyer Vice President of Development Danielle Molaison said the project reflects the company's long-term commitment to Queens, where it has operated for more than 120 years.

"One of the borough's most pressing needs is additional housing, and we're proud to help address that here in Bay Terrace," Molaison said. "This is a community where people want to stay, and these new residences will provide more options for those who want to continue calling it home."

Site Strategy: Housing on Parking Infrastructure

By building on parking areas that typically experience low usage, Cord Meyer is adding residential units without displacing existing tenants or altering the center's retail footprint. The approach follows a multi-million-dollar renovation of the Bay Terrace Shopping Center that the company completed prior to advancing the housing component. The shopping center received $150 million in financing in April 2026, indicating the overall asset is being actively recapitalized as part of the repositioning.

Cord Meyer's history in Bayside stretches back more than a century. In the 1920s, the company developed The Gables, a residential community on a portion of the former Shore Acres estate overlooking Little Neck Bay. The Bay Terrace Shopping Center itself has served Northeast Queens residents for more than 60 years.

Elected Officials Cite Housing Need

Queens Borough President Donovan Richards Jr. attended the groundbreaking and framed the project in the context of a citywide housing shortage.

"With our city in the midst of an unprecedented housing crisis, we must leave no stone unturned in building homes for our neighbors across every community of this borough," Richards said. "I'm grateful to our partners at Cord Meyer for recognizing this need and making the investments necessary to give nearly 150 families the high-quality home they deserve. When we talk about creating true live, work and play communities, Bay Terrace is now a firm example of what housing, entertainment and economic opportunity coming together can look like."

State Senator Toby Ann Stavisky said the development addresses a specific challenge facing longtime Northeast Queens residents whose housing needs change over time.

"Northeast Queens is a place people do not want to leave. The difficulty has always been finding somewhere to go when your needs change," Stavisky said. "New rental housing in Bay Terrace gives residents options within the neighborhood they already call home — young adults starting out, and older neighbors looking for something that fits their stage of life."

New York City Council Member Vickie Paladino also praised the project, citing Cord Meyer's longstanding presence in the community.

"This project is about continuing to build a vibrant, thriving neighborhood where families can live, businesses can grow, and our community can look forward to a strong future," Paladino said. "Cord Meyer has deep roots in Bay Terrace, and we greatly appreciate its continued commitment to investing in this community."

General Contractor and Market Context

Callahan Construction Managers is serving as general contractor for the Bay Terrace residential project. The Bridgewater, Mass.-based firm, which has a regional office in White Plains, N.Y., is also the general contractor for Cord Meyer's 203-unit residential development at 70 Westchester Avenue in White Plains, which is currently under construction.

"Breaking ground on a new project is always exciting, but it's particularly gratifying when it occurs with a partner like Cord Meyer," said David Morrow, Vice President and Head of New York Operations for Callahan. "The Bay Terrace development is already a thriving part of the Bayside, Queens community. Adding these residences will bring this center to a new level of vibrancy, one that residents and visitors alike will be proud of for generations to come."

The project is entering the market against a backdrop of constrained rental supply in Queens. Apartment vacancy in the borough fell to 2.08% in the second quarter of 2026, down from 2.39% a year earlier, with stabilized vacancy reaching a record low of 1.3%. The borough's apartment pipeline contracted sharply over the same period, dropping from roughly 10,881 units under construction in early 2024 to approximately 2,597 units in the second quarter of 2026 — a decline of about 76%. Those conditions have sustained demand for new rental product in well-located Queens submarkets.

Additional information about the residences, including renderings and videos, is available at bayterrace.com/residential.

About the Companies

Founded in 1904, Cord Meyer Development Company is a developer, owner, and operator of retail, commercial, and residential properties in Queens and the broader New York metropolitan area. The company is led by President and CEO Matthew B. Whalen.

Callahan Construction Managers is a full-service construction management firm with more than 70 years of experience serving the New England and Northeast regions. The company's markets include multifamily residential, senior housing, affordable housing, hospitality, life sciences, corporate office, educational, and retail.