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| The planned 24-story, 540,000-sf Archer Towers is located at the corner of Archer Avenue and Guy R. Brewer Boulevard in Queens, Jamaica, NY |
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| Rob Hinckley |
The
residential development is located at 163-05 Archer Avenue in the rapidly
evolving Jamaica submarket of Queens, N.Y.
The 24-story Archer Towers is located at the corner of
Archer Avenue and Guy R. Brewer Boulevard.
The
540,000-square-foot project will offer a total of 605 residential units,
including 424 market-rate apartments and 181 mixed-income units.
The
development includes approximately 20,000 square feet of amenities that include
a movie screening room, a lounge, a children’s playroom, bicycle storage, a pet
spa, attended parking, a fully equipped rooftop and finished outdoor space, a
yoga studio, a basketball court, a pickleball court, a landscaped rear yard and
a golf simulator.
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| Jeff Julien |
The 10-year investment horizon will allow for
the submarket to further develop, resulting in significant rent appreciation
and value capture on reversion.
It will also be the beneficiary of a 35-year
tax abatement under the Affordable New York program.
Archer Towers is positioned adjacent to Jamaica Avenue’s retail
corridor with national brands such as Home Depot, Dollar Tree, Blink Fitness
and Old Navy within walking distance.
It is located within a three-minute walk of
the Jamaica Ave/Parsons Ave subway stop (E, J, Z) and a short 10-minute walk to
the Sutphin Boulevard-Archer Avenue-JFK Subway Station and Jamaica LIRR.
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| Andrew Scandalios |
BRP has completed demolition of the existing buildings on
the site, has 100% of construction drawings and can execute a Guaranteed
Maximum Price construction contract imminently.
The
firm will begin construction of Archer Towers immediately upon closing of the
joint venture equity financing and securing debt financing with their capital
partner.
It is expected that an investor will also consider
participating in the second phase of Archer Towers.
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| Roland Merchant |
The JLL Capital Markets professionals handling the joint
venture equity raise for BRP are being led by Rob Hinckley and Jeff
Julien.
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.
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.
“Archer Towers represents the largest shovel-ready
residential rental construction site in New York City,” said Hinckley.
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| Stephen Palmese |
"Over
the past several years, BRP has painstakingly designed, value-engineered and
removed risk from this development, which will provide much-needed housing for
city-dwellers.
"This
is on the heels of BRP’s nearby highly-anticipated 669-unit, The Crossing at
Jamaica Station, a public-private partnership development that is delivering soon.
"The multi-phase Archer Tower residential development, which includes a large portion of needed mixed-income regulated housing, is deemed ‘essential,’ allowing for the partnership to create much needed near-term jobs as construction will begin immediately, even within current market conditions.”
"The multi-phase Archer Tower residential development, which includes a large portion of needed mixed-income regulated housing, is deemed ‘essential,’ allowing for the partnership to create much needed near-term jobs as construction will begin immediately, even within current market conditions.”
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| Steven Rutman |
The
firm's in-depth local market and global investor knowledge delivers the
best-in-class solutions for clients — whether investment advisory, debt
placement, equity placement or a recapitalization.
The
firm has more than 3,700 Capital Markets specialists worldwide with offices in
nearly 50 countries.
For more news, videos and research resources on JLL, please visit the firm’s U.S. media center Web page: U.S. newsroom.
For more news, videos and research resources on JLL, please visit the firm’s U.S. media center Web page: U.S. newsroom.
About BRP Companies
BRP Companies is a New York-based real estate firm that is at the
forefront of mixed-use development and acquisition of urban, multi-family
properties.
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| Nicco Lupo |
With
an experienced staff of 70, a track record of over 2.5 million square feet of
completed real estate projects and over 9.5 million square feet currently in
development, BRP is uniquely positioned to meet the demands of urban housing
consumers.
The firm is an innovator in developing mixed-use, mixed-income, “walkable" urban housing with high-quality, and energy efficient properties throughout the city of New York and beyond.
The firm is an innovator in developing mixed-use, mixed-income, “walkable" urban housing with high-quality, and energy efficient properties throughout the city of New York and beyond.
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| Rob Root |
George
Shea, Mark Faris
Company: Shea Communications
Phone: +1 212 627 5766
Kimberly Steele
JLL Senior Associate
Public Relations
Phone: +1 713 852 3420
Email: Kimberly.Steele@am.jll.com