The Real Deal New York

BRP pulls off $323.6M loan to build Jamaica resi complex

The two buildings would hold 669 apartments

The Crossing at Jamaica Station (credit: FXFOWLE) and Meredith Marshall

BRP Companies scored $323.6 million from the New York City Housing Development Corporation to build a 669-unit apartment complex in Queens.

The city provided $259.2 million for 147-40 Archer Avenue, where BRP TRData LogoTINY 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 $64.4 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 681,957 square feet of residential space, 24,969 square feet of commercial space and 20,212 square feet for a community facility. In the taller building, the first floor will hold retail space, while a church will occupy the two-story base of the shorter property.

Representatives for HDC didn’t immediately return requests seeking additional information. A spokesperson for BRP said that the financing for the project — both from the city and other sources — totals $406 million.

 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.

 

Correction: An earlier version of this story misstated the planned square-footage of the project, due to a discrepancy in Department of Buildings filings. The article also misstated the loan amount: It’s $323.6 million.