BRP Companies and JLL team up to finance construction of Archer towers in Jamaica, Queens

BRP companies selected JLL Capital Markets as a partner in a joint venture agreement to finance the construction of Archers Towers in Jamaica, Queens. The project is valued at $ 286 million and will produce 605 rental units and a mix of residential amenities. Located at 163-05 Archer Avenue, the development will span 24 floors and include a total of 540,000 square feet. The residential component will be divided into 424 market-priced apartments and 181 mixed-income units. At this time, specific income requirements or restrictions for mixed income units have not been disclosed.

The planned amenity spaces will occupy approximately 20,000 square feet. Wellness facilities include an outdoor rooftop space, yoga studio, basketball court, pickleball court, and landscaped backyard, while recreation areas include a movie screening room, an indoor lounge, a children’s playroom, a bicycle storage room, a pet spa, guarded parking on site and a golf simulator.

Studio V Architecture served as the executive architect for the project.

Render of the roof of the Archer towers. Rendered by Studio V Architecture

Render of the lobby of Archer Towers (Photo courtesy of Studio V Architecture)

Render of the Archer towers hall. Rendered by Studio V Architecture

BRP acquired the land for $ 55 million from developer Chris Jiashu Xu in 2017. At the time, the 90,000 square foot site housed a one-story commercial building with multiple retail tenants and a supermarket. There was also an eight-story parking lot.

To date, BRP has completed the demolition of these structures and intends to begin construction when the equity financing for the joint venture has been finalized and the debt financing has been secured by an unnamed capital partner.

The JLL Capital Markets project team is led by Rob Hinckley and Jeff Julien, who directly oversee the joint venture capital increase for BRP.

“Archer Towers is the largest construction site for ready-to-go rental housing in New York City,” said Hinckley. “The multi-phased residential development of the Archer Tower, which includes much of the required mixed-income regulated housing, is deemed ‘essential’, allowing the partnership to create much-needed short-term jobs as construction will begin immediately, even under market conditions. “

The second phase of the Archer towers is expected to produce an additional 432 apartments, including 130 affordable units. Construction of this next phase should begin in summer 2021.

Subscribe to YIMBY daily email

To follow YIMBYgram for real-time photo updates
Like YIMBY on Facebook
To follow YIMBY Twitter for the latest YIMBY news

About Sonia Martinez

Check Also

CEO describes Swahili Honey’s journey

Central Park Bees buys honey from around 1,300 smallholder farmers in Tanzania. When Tanzanian businessman …