BRP Cos. is seeking a joint venture equity partner for its $286 million Archer Towers multifamily project in the Jamaica submarket of Queens, N.Y., and has selected JLL to arrange the JV equity financing. The 24-story, 540,000-square-foot development will have 605 apartments with 424 market-rate residences and 181 mixed-income units.
BRP Cos. has already demolished existing buildings on the site and plans to begin construction immediately after it closes the JV equity financing and secures debt financing. JLL noted an investor would be asked to participate in Archer Towers second phase. Phase II is set to begin construction in summer 2021 and add 432 units, including 130 affordable housing units.
Located at the corner of Archer Avenue and Gary R. Brewer Boulevard at 163-05 Archer Ave., the first phase will include about 20,000 square feet of amenities such as a movie screening room, lounge, children’s playroom, bicycle storage, pet spa, yoga studio, basketball and pickleball courts, golf simulator, rooftop and outdoor space along with a landscaped rear yard. There will also be attended parking.
Archer Towers is located within a federal opportunity zone, which will provide significant post-tax savings over a 10-year hold for a qualified OZ fund investor. The project will also be the beneficiary of a 35-year tax abatement under the Affordable New York program.
The development will be adjacent to Jamaica Avenue’s retail corridor with national brands including Home Depot, Dollar Tree, Blink Fitness and Old Navy within walking distance. It is near the Jamaica Avenue/Parsons Avenue subway station (E, J and Z lines), Sutphin Boulevard-Archer Avenue-JFK subway station and Jamaica Long Island Railroad (LIRR) station. The mass transit options provide residents access to employment hubs throughout Queens and offer a 20-minute LIRR ride to Penn Station in Manhattan and Atlantic Terminal in Brooklyn.
Rob Hinckley and Jeff Julien are leading the JLL Capital Markets team handling the JV equity raise for BRP. The JLL team also includes senior team members Andrew Scandalios and Roland Merchant; core team members Stephen Palmese and Steven Rutman; and support associates Nicco Lupo and Rob Root.
Hinckley noted in a prepared statement Archer Towers represents the largest shovel-ready residential construction site in New York City. Referring to the COVID-19 crisis which has halted some construction in New York, Hinckley said this project is considered an “essential” construction development because it is creating mixed-income regulated housing.
More BRP Developments
Archer Towers is also near another BRP development, The Crossing at Jamaica Station, a public-private partnership project featuring 669 units that is expected to deliver soon at 147-40 and 148-40 Archer Ave. BRP topped off The Crossing at Jamaica Station in early 2019. The $400 million project will comprise more than 700,000 square feet and have retail and community space along with apartments in two towers.
BRP is active throughout New York City. In February, the company topped out Caton Flats, its 255-unit affordable housing community in Brooklyn’s Flatbush neighborhood. The 14-story building will have 279,000 square feet, including 13,000 square feet of retail and 12,500 square feet of community space. BRP is also developing the first residential units of La Central, a large-scale, mixed-use housing development in the Bronx that once completed, will house close to 1,000 mixed-income apartments.