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Deals & Dealmakers

City officials break ground on 669-unit affordable housing complex in Queens

A nearly 700-unit affordable housing complex in Jamaica will help local families get ahead, according to Deputy Mayor for Housing and Economic Development Alicia Glen.

“The Crossing at Jamaica Station will be a true-mixed income project that strengthens the whole neighborhood,” said Glen during a ground breaking ceremony yesterday (Tuesday).

“For nearly 700 families, this will mean real security and the ability to have a little left over every month to get ahead. And this is just one of many dynamic changes afoot in Jamaica that will anchor its families, support local businesses and build community for generations to come.”

BRP Companies is developing the 669-unit affordable housing complex. The property will be composed of two towers: a 15-story building with 130 units and a 30-story tower with 539 units. The planned complex, which is located at the corner of Sutphin Boulevard and Archer Avenue, is expected to anchor Downtown Jamaica’s transit hub, where two subway lines, the JFK Airport AirTrain and ten Long Island Rail Road lines intersect.

“Our efforts in Downtown Jamaica reflect BRP’s core mission to develop high-quality, mixed income, affordable housing in high potential neighborhoods with access to public transportation and retail,” said Meredith Marshall, BRP Companies’ co-founder and managing partner. “We look forward to a long and fruitful connection with the Greater Jamaica community for years to come.”

The site, which was purchased from the Greater Jamaica Development Corporation in 2014, will contain a 773,000 s/f property with 45,000 s/f of community and retail space and a 187-car parking garage.

The project has $407 million in funding from public and private investors. The biggest portion came from the New York City Housing Development Corporation, which provided a $323 million loan last February.

The complex is 100 percent affordable, with apartments containing a mix of studios, one-bedroom, two-bedroom and three-bedroom apartments. The 15-story tower will impose maximum income limits ranging from $25,400 to $75,625 for individuals and $32,640 to $97,125 for a family of three. Meanwhile, the 30-story building will have maximum incomes limits ranging from $38,100 to $104,775 for an individual and $48,960 to $134,640 for a family of three.

Officials say that the development will create approximately 4,000 new construction jobs. The project is expected to be completed by mid-2019.

 

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