BRP Cos. has been selected to arrange joint venture equity financing for the construction of the $286 million Archer Towers project. The residential development is located at 163-05 Archer Ave. in the rapidly evolving Jamaica submarket of Queens, N.Y.
The 24-story Archer Towers is located at the corner of Archer Avenue and Guy R. Brewer Boulevard. The 540,000-square-foot project will offer a total of 605 residential units, including 424 market-rate apartments and 181 mixed-income units. The development will have approximately 20,000 square feet of amenities, including a movie screening room, a lounge, a children’s playroom, bicycle storage, a pet spa, attended parking, a fully equipped rooftop and finished outdoor space, a yoga studio, a basketball court, a pickleball court, a landscaped rear yard, and a golf simulator.
The Archer Towers project is located within an opportunity zone, providing significant post-tax savings over a 10-year hold for a qualified opportun
