December 24, 2025 QUEENS, NY — A seismic shift is hitting the Queens housing market, but for once, it’s not about luxury condos or sky-high rents. A staggering $114.5 million bridge loan has just cleared the way for a sweeping rescue mission of nearly 800 apartments across the borough.
Iris Holdings Group, a heavy hitter in the national affordable housing scene, has officially moved to acquire and overhaul The State Preservation Portfolio. We aren't just talking about a paint job—this is a total transformation of 753 units designed to keep New Yorkers in their homes for the next four decades.
A Fortress of Housing: 9 Buildings, 720,000 Square Feet
This isn't your average real estate flip. The portfolio spans nine massive elevator buildings, totaling nearly three-quarters of a million square feet. From sleek studios to sprawling three-bedroom family units, the deal covers some of the most vital residential real estate in the borough.
The "Power Nine" locations include:
-
Rego Park & Forest Hills: 64-20 Saunders St., 97-50 Queens Blvd., 64-85 Wetherole St., 65-44 Saunders St., 67-15 Dartmouth St., and 63-60 98th St.
-
Kew Gardens & Richmond Hill: 123-30 83rd Ave., 84-20 Austin St., and 134-20 87th Ave.
More Than Just Four Walls: "Aging in Place"
What makes this deal truly sensational isn't just the nine-figure price tag—it’s the soul behind it. In a groundbreaking partnership with the NYC Department of Housing Preservation and Development (HPD), Iris Holdings Group is committing to keeping these units affordable for the next 40 years.
Beyond major system overhauls, the project is championing the "Aging in Place" program. This means these buildings are being physically retrofitted with safety and accessibility upgrades so that seniors aren't forced out of their communities as they get older.
The Power Players Speak
"This financing exemplifies our mission to support long-term affordable housing," says Miryam Reinitz-Kops of Greystone Capital Advisors. "We are proud to provide capital that enables meaningful rehabilitation... helping ensure housing stability for New York families."
