Goldman Sachs provides $ 290 million in funding for the Jamaica, Queens Opportunity Zone project


(STUDIO V Architecture, brpcompanies.com, iStock)

Goldman Sachs Asset Management said it allocated $ 290 million for a mixed-use development in a Queens Opportunity Zone where BRP Companies broke ground this week.

The financing includes equity from Opportunity Zone funds and is part of the
According to a Goldman Sachs press release, the One Million Black Women initiative is a $ 10 billion plan that aims to improve opportunities for black women over the next decade. A company spokesman declined to break down the package in detail.

The 24-story building in Jamaica, not far from JFK International Airport, will be known as Archer Towers from its address at 163-05 Archer Avenue. The 542,000 square foot development will include 605 mixed income residential units, 20,000 square feet of facilities and 14,000 square feet of retail space.

It also includes 199 guarded parking spaces on site, a media room, a children’s playroom, a basketball and pickleball court, a golf simulator, and a yoga studio. The completion of the property is planned for spring 2024.

BRP bought the property in 2017 for around $ 55 million from developer Chris Jiashu Xu. In May 2020, BRP tapped the brokerage firm JLL to make arrangements $ 268 million of the joint venture equity for the project.

BRP Companies, led by Meredith Marshall, recently completed The Crossing at Jamaica Station, a mixed income residential building of 669 units with an affordable residential component. It’s one of the biggest developments of its kind in New York. It is also developing the new headquarters of the National Urban League in Harlem, New York, which was also funded by Goldman Sachs.

The Opportunity Zone program came into effect in 2017 under President Trump and was designed to benefit low-income communities across the country. Real estate developers and investors flocked to take advantage of the federal program’s substantial discounts on their capital gains taxes.

The program has been scrutinized by government guards and Democrats in Congress, who say the program is a tax break for the rich. Real estate experts have also questioned the viability of the program as land values ​​in the Opportunity Zone areas skyrocket and yields are diminishing.

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