BRP buying Jamaica dev site for $55M

Property offers more than 700K buildable sf

New York /
Dec.December 13, 2017 07:00 AM

From left: Chris Xu, Meredith Marshall and 163-05/163-25 Archer Avenue (Credit: Preuss Group)

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.


Related Articles

arrow_forward_ios
Deconstruct Podcast
Now streaming: TRD’s podcast on Zillow’s iBuying collapse
Now streaming: TRD’s podcast on Zillow’s iBuying collapse
Making money moves: Cardi B buying up real estate
Making money moves: Cardi B buying up real estate
Making money moves: Cardi B buying up real estate
Chinese President Xi Jinping (Getty)
Chinese regulators ease some real estate controls
Chinese regulators ease some real estate controls
(iStock)
Rents in New York and South Florida metros surged more than 30%, led nationwide rise
Rents in New York and South Florida metros surged more than 30%, led nationwide rise
Children’s Magical Garden at at 157 Norfolk Street (Google Maps, Facebook)
Children’s Magical Garden claps back against developer who claimed defamation
Children’s Magical Garden claps back against developer who claimed defamation
432 Park pad trades for $26M, supertall’s priciest deal since 2019
432 Park pad trades for $26M, supertall’s priciest deal since 2019
432 Park pad trades for $26M, supertall’s priciest deal since 2019
25 Park Avenue in Larchmont (WilliamPitt)
Estate famed for turtle soup has new distinction: $11M sale price
Estate famed for turtle soup has new distinction: $11M sale price
Travis Soukup and Yongxing Deng with Fifth Wall's Brendan Wallace (Aloft/Zack Phillips, Jeff Newton, iStock)
Appraisal startup Aloft closes $20M Series A led by Fifth Wall
Appraisal startup Aloft closes $20M Series A led by Fifth Wall
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...