BRP Companies has landed $303 million in financing for a mixed-use project that will bring 400 new homes to Jamaica, Queens.
The construction support is being provided in collaboration between the private and public sector. This includes Wells Fargo, as well as the city's Housing Development Corp., Department of Housing Preservation and Development, according to a report from Crain's New York Business.
The project will consist of units ranging from studios to two bedrooms. Most of the units will be reserved for those earning between 40% and 110% of the area's median income, with 60 residences getting set aside for formerly homeless folks.
The about 353,000 square foot project will also include roughly 2,000 square feet for commercial space, 67 parking spots and an amenity package that consists of a gym, coworking space and a children's playground.
BRP first acquired the development site in 2018 for $35 million, according to Crain's. Groundbreaking for the project is expected to start in the next few months, with delivery anticipated for 2028, the news outlet said.
Also, this project represents the fourth notable residential development for BRP in Jamaica. The company in the area is working on 669-unit Crossing at Jamaica Station. It also owns 605-unit, the Monarch and 614-unit, Ruby Square.
While Manhattan investment sales as a whole boomedseven percent to $12.05 billion in 2025, the mixed-use/multifamily category struggled, according to an annual report from Avison Young. The segment dropped 35 percent to $1.8 billion on 109 deals.
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