Developer Chris Xu decides to part ways with Jamaica development
Powerful Queens-based developer Chris Xu has decided to part ways with a development he owns located in Jamaica, Queens. The site known as Archer Towers will be selling for approximately $55 million.
As far as new reports show, BRP Companies have already entered contracts to buy the adjacent lots, addressed at 163-05 and 163-25 Archer Avenue, respectively. The Xu property spans 90,000 square feet and features over 700,000 square feet of buildable space. Nowadays, there is a retail strip and an unused parking garage with eight stories located on the site that only has one story. This current building includes a Rent-A-Center, a supermarket and a food court. Nevertheless, the site will be delivered vacant to the buyer.
The site is so big it has the potential to be one of the largest mixed-use projects in the greater Jamaica area, according to Stephen Preuss of Cushman & Wakefield who was the only broker in the transaction.
With that quote in mind, it is likely BRP will develop a mixed-use project on the land that will include apartments, many of them affordable. Sources close to those involved claim the deal will be closed by the beginning of the new year.
The current owner, Xu, purchased the site for $22 million back in 2014 and had the original idea to sell it for $60 million. Other ventures of his include the selling of a Flushing assemblage and the development of a 67-story building in LIC.
The buyer, BRP, specializes in affordable housing and has been focusing in the Jamaica area as of late. This firm is in talks with Jeff Sutton. Together they will develop a project addressed at 90-02 168th Street that will feature 300 rent-regulated residential units and 70,000 square feet of retail space, all of this divided among three separate buildings. [The Real Deal]