New York Construction Report staff writer
The New York City Housing Development Corporation, the Department of Housing Preservation and Development, Wells Fargo Bank, Wells Fargo Community Investment Holdings, and BRP Companies have closed $303 million in construction financing for Archer Towers II, a 22-story, mixed-income residential development in downtown Jamaica, Queens.
The project at 163-25 Archer Ave. will include 400 apartments across 353,000 square feet, along with 2,164 square feet of commercial space and 67 on-site parking spaces. Construction is expected to begin in the first quarter of 2026, with completion scheduled for 2028.
BRP Companies managing director Andy Cohen said the development is a major investment in Jamaica’s growing residential core.
“As the city continues to face significant pressure on its housing supply, Archer Towers II represents a major investment in the future of Jamaica,” Cohen said. “As our fourth development in the neighborhood, this project reflects our long-term commitment to Jamaica and our belief in its continued momentum.”
The building will feature studio, one-bedroom, and two-bedroom units for households earning 40% to 110% of area median income. Sixty apartments will be set aside for formerly homeless households through the city’s OurSpace program, which provides light-touch supportive services. Amenities will include a resident lounge, children’s playroom, fitness center, coworking space, and on-site parking.
NYC HDC President Eric Enderlin said the development will expand access to affordable housing while supporting economic growth in the neighborhood.
“Archer Towers II will deliver 400 new affordable homes to New Yorkers from a wide range of incomes,” Enderlin said. “HDC is proud to partner on the financing of this development.”
The financing includes tax-exempt bonds issued by HDC, a subsidy from HPD, and equity from the Low-Income Housing Tax Credit program. Wells Fargo serves as both the letter-of-credit provider and the tax credit equity investor.
Gregory Richards, managing director at Wells Fargo, said the project demonstrates the impact of public-private collaboration in advancing affordable housing.
HPD Deputy Commissioner Kim Darga said Archer Towers II is a key step in implementing the Jamaica rezoning, which allows for about 12,000 new homes, including 4,000 permanently affordable units.
Archer Towers II is BRP Companies’ fourth major development in Jamaica. Previous projects include The Crossing at Jamaica Station, Ruby Square, and The Monarch, all mixed-income, mixed-use buildings near major transit hubs.
