Shorewood’s first Opportunity Zone project will feature 300 rentals and co-working space

24-story project at 160-05 Archer Avenue to include co-working space, ground-floor retail

TRD New York /
Apr.April 17, 2019 11:30 AM
A rendering of 160-05 Archer Avenue in Queens and Shorewood CEO S. Lawrence Davis (Credit: Shorewood)

A rendering of 160-05 Archer Avenue in Queens and Shorewood CEO S. Lawrence Davis (Credit: Shorewood)

Shorewood Real Estate Group is bringing a new rental tower to Jamaica, Queens, marking the first project to be financed by the company’s Opportunity Zone Fund.

Plans filed with the Department of Buildings on Tuesday envision a 24-story, 315-unit building at 160-05 Archer Avenue, which will also include the adjacent lot at 92-25 160th Street.

Like many of Shorewood’s previous projects in Manhattan, the Jamaica project will include co-working space among its amenities. The building will also offer a game room, yoga room, dog wash, and lounges with views of the city and Jamaica Bay, according to the plan. The development will also come with about 25,00 square feet of ground floor retail space.

The developer, led by S. Lawrence Davis, picked up the two vacant lots last year for about $19 million, at an auction resulting from the business divorce between brothers Nissim and Avraham Kassab. The acquisition was financed with a $24.9 million mortgage from frequent Shorewood partner Vanbarton Group, city records show.

Shorewood is one many NYC real estate players who have recently created funds to cash in on the Opportunity Zone program. The company did not immediately respond to a request for comment.

Related Articles

Census tract 135 and Stellar Management's Larry Gluck (Credit: Getty Images and Stellar Management)

How a small stretch of land on the Far West Side became an Opportunity Zone

Crowdfunding platform launches $20M Opportunity Zone fund

From left: New York Governor Andrew Cuomo, New York State senator James Sanders Jr., and New York City Mayor Bill de Blasio (Credit: Getty Images, iStock, and NY Senate)

“This program will either be a boom or a bust:” State senator has plans to redesign Opportunity Zones

Alex Sapir’s massive Opportunity Zone site in Miami hits the market

There will be 70 agents based at the new office (Credit: iStock)

Compass opens Long Island City office as new-development sales surge

Long Island City, Queens (Credit: iStock)

Queens sale prices set record despite signs of trouble

California passes landmark rent control law

HUD Secretary Ben Carson joins Grant Cardone and a power panel for TRD Miami Forum