UPDATED, 5:08 p.m., Jan. 11: Developer Chris Jiashu Xu is selling his Archer Towers development site in Jamaica for roughly $55 million, The Real Deal has learned.
BRP Companies is in contract to buy the adjacent lots at 163-05 and 163-25 Archer Avenue, according to sources familiar with the deal, which officially closed on Jan. 11. The 90,000-square-foot property offers more than 700,000 buildable square feet and currently contains a single-story retail strip with a food court, Rent-A-Center and a supermarket. There is also an eight-story parking garage that is not in use, but the site will be delivered vacant.
Stephen Preuss
Stephen Preuss of Cushman & Wakefield was the sole broker in the transaction and said the site’s buildable square footage could make it “one of the largest mixed-use developments in greater Jamaica.”
BRP will likely use the land for a mixed-use project with mostly residential units, a portion of which would be affordable. The deal is expected to close early next year. The price per buildable square foot would come out to about $80.
Xu bought the Archer Towers site in 2014 for $22 million and had been looking to sell it for $60 million. He recently sold off part of a Flushing assemblage at 39-02 Janet Place as well for $45 million, and he is currently developing a 67-story tower in Long Island City that would be the tallest building in Queens.
BRP, which focuses on affordable housing and commercial development, has been very active in Jamaica lately. The company is planning a project at 90-02 168th Street with Jeff Sutton that will include 300 rent-regulated apartments and 70,000 square feet of retail across three buildings.
Representatives for BRP and Xu did not immediately respond to requests for comment.
(Click here to view a list of recently filed projects in Queens)
This post has been updated to reflect the closing date of the deal.