Posted Jan 31, 2017, 11:24 PM
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New Yorker for life
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Join Date: Jul 2001
Location: Borough of Jersey
Posts: 56,209
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https://therealdeal.com/2017/01/31/b...-resi-complex/
BRP pulls off $290M loan to build Jamaica resi complex
The two buildings would hold 669 apartments
January 31, 2017
By Kathryn Brenzel
Quote:
BRP Companies scored $290 million from the New York City Housing Development Corporation to build a 669-unit apartment complex in Queens.
The city provided $227 million for 147-40 Archer Avenue, where BRP plans to build a 26-story, mixed-income property with 539 units, according to documents filed with the city on Tuesday. The developer received another $63.3 million for 148-10 Archer Avenue, a 14-story building with 130 low-income units. FXFOWLE is designing both buildings.
The project, known as the Crossing at Jamaica Station, is expected to include 523,000 square feet of residential space, 96,121 square feet of commercial space and 17,375 square feet for a community facility. In the taller building, the first three floors will hold retail space, while a church will occupy the two-story base of the shorter property.
The city previously estimated that the project will cost $352 million. Representatives for HDC and BRP didn’t immediately return requests seeking additional information.
BRP purchased the development site from the nonprofit Greater Jamaica Development Corporation in June 2015 for $19.5 million.
In December, BRP agreed to build 38 low- to moderate-income apartments at a formerly deed-restricted site in Harlem.
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