REBusinessOnline

BRP, CNY Group Break Ground on $407M Transit-Oriented Development in Queens

NEW YORK CITY — Developer BRP Cos. and general contractor CNY Group have broken ground on The Crossing at Jamaica Station, a $407 million, two-building development in downtown Jamaica in the Queens borough of New York City.

The 669-unit affordable housing development will be situated at the Metropolitan Transit Authority’s (MTA) Jamaica Station, which features a link to AirTrain JFK, John F. Kennedy’s International Airport’s mass transit line.

The Crossing will feature a 30-story high-rise located at Archer Avenue and Sutphin Boulevard between the Long Island Rail Road and three MTA subway lines. The other building will span 15 stories. FXFOWLE Architects designed both buildings to achieve LEED Silver certification.

In addition to housing, the property will feature 45,000 square feet of retail and community space and 187 above-grade parking spaces. The development is part of Greater Jamaica’s revival and represents the largest private investment in downtown Jamaica in decades, according to CNY Group.

Goldman Sachs provided $300 million in construction financing on behalf of BRP. The developer will also use $41.6 million in Low Income Housing Tax Credit equity and $65.2 million in tax-exempt bonds issued by the New York City Housing Development Corp.

The New York City Department of Housing Preservation and Development, which is tasked to create and preserve 200,000 affordable housing units under New York City Mayor Bill de Blasio’s Housing New York plan, provided more than $55 million in capital.

According to BRP, construction is expected to conclude by mid-2019.

Led by president and founder Ken Colao, CNY Group is a New York City-based construction management and building firm. CNY Group is also underway on FRANK 57 WEST, a 10-story mixed-use development by The Durst Organization at 600 W. 58th St. in Manhattan’s Hell’s Kitchen area.

BRP Cos. is an affordable, mixed-income and market-rate housing developer. The New York-based firm has 600,000 square feet of completed projects and more than 3 million square feet currently in development New York and Philadelphia.

— John Nelson

Content Partners
‣ Arbor Realty Trust
‣ Bohler
‣ Lee & Associates
‣ Lument
‣ NAI Global
‣ Northmarq
‣ Walker & Dunlop

Subscribe to the newsletter
Conferences


Webinars on Demand


Read the Digital Editions

Northeast Multifamily & Affordable Housing Business

Midwest Multifamily & Affordable Housing Business

Western Multifamily & Affordable Housing Business

Texas Multifamily & Affordable Housing Business

Southeast Multifamily & Affordable Housing Business

Heartland Real Estate Business

Northeast Real Estate Business

Southeast Real Estate Business

Texas Real Estate Business

Western Real Estate Business

Shopping Center Business

California Centers

Student Housing Business

Seniors Housing Business

Featured Properties