Developers Secure $303M Loan for High-Rise in Jamaica, Queens

The mixed-income Archer Towers II project will bring 400 apartments to the rapidly growing neighborhood.

Jan. 31, 2026 at 7:47am

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A $303 million construction financing package has been secured for the development of Archer Towers II, a 22-story, 353,000-square-foot mixed-income residential project in Jamaica, Queens. The building will feature 400 apartments, including 60 units for formerly homeless residents, as well as ground-floor commercial space and parking.

Why it matters

The Archer Towers II project represents a significant investment in the future of Jamaica, a rapidly growing neighborhood in Queens that is facing pressure on its housing supply. The development will help increase the availability of affordable and mixed-income housing options in the area.

The details

The Archer Towers II project will be located at 163-25 Archer Avenue in Jamaica, Queens. The 22-story building will include 400 apartments, ranging from studios to two-bedrooms, serving households earning between 40 and 110 percent of the area median income. The project will also feature 2,164 square feet of ground-floor commercial space and a 67-car garage. Amenities will include a lounge, gym, children's playroom, and coworking space.

  • Construction of Archer Towers II is scheduled to begin in the first quarter of 2026.
  • Completion of the project is anticipated in 2028.

The players

BRP Companies

The developer of the Archer Towers II project, which is the company's fourth development in the Jamaica neighborhood.

Andy Cohen

A representative of BRP Companies who stated that the project reflects the company's long-term commitment to Jamaica and belief in the neighborhood's continued momentum.

New York City Housing Development Corporation

The agency that is issuing tax-exempt bonds to help finance the Archer Towers II project.

New York City Department of Housing Preservation and Development

The agency providing subsidies to support the development of the Archer Towers II project.

Wells Fargo

The financial institution serving as both the letter of credit provider and the tax credit equity investor for the Archer Towers II project.

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What they’re saying

“As the city continues to face significant pressure on its housing supply, Archer Towers II represents a major investment in the future of Jamaica and its rapidly growing residential core.”

— Andy Cohen, Representative of BRP Companies

What’s next

Construction of Archer Towers II is scheduled to begin in the first quarter of 2026, with completion anticipated in 2028.

The takeaway

The Archer Towers II project is a significant investment in the future of the Jamaica neighborhood in Queens, providing much-needed affordable and mixed-income housing options as the area continues to experience rapid growth and development.