Real Estate Weekly
Image default
Construction & Design

Arker, Slate open affordable apartment development

A new 14-story affordable housing complex has opened in the Jamaica neighborhood of Queens.

Located at 92-61 165th Street, Archer Avenue includes 89 units of affordable housing and 7,000 s/f of commercial space.

The Arker Companies joined the New York City Housing Development Corporation (HDC) and the Department of Housing Preservation and Development (HPD), elected officials, and project partners Slate Property Group and the Neighborhood Housing Services of Jamaica to celebrate the opening.

Alex Arker, principal of The Arker Companies, said, “The Arker Companies remains steadfast in its commitment to bringing high quality, affordable housing to families across New York City, and we hope to have many more ribbon cuttings like this in the future.”

“This one hundred percent affordable housing development is bringing greater opportunity to 89 low-income individuals and families in the dynamic neighborhood of Jamaica,” said HDC President Eric Enderlin. “I would like to extend my thanks to our elected officials and project partners and a warm welcome home to all the residents of Archer Avenue.”

The building currently has a 100 percent occupancy rate with unit mixes ranging from studios to three-bedroom apartments for families earning between 40 and 60 percent AMI, which ranges from an annual income of $29,880 up to $57,660 for a family of three. R

“Slate Property Group was proud to develop 92-61 165th street in partnership with the Arker Companies and Neighborhood Housing Services of Jamaica,” said David Schwartz, Principal at Slate Property Group.

“The need for quality affordable housing in Queens is needed more now than ever. Slate is committed to continuing to build affordable housing throughout New York City.”

Archer Avenue was made possible through $31.8 million in public and private investment and financed under the City’s LAMP program. HDC provided $16 million in tax-exempt bonds and
$5 million in corporate reserves.

(Visited 1 times, 1 visits today)

Related posts

Jersey politicians urge developers to look beyond its waterfront

Sabina Mollot

Ground broken for next phase of Greenpoint Landing

REW

All roads now leading to — and from — Albany airport

REW