160-05 ARCHER AVE
Shorewood ("Sponsor") acquired 160-05 Archer Avenue 92-25 160th Street, a 26,600 square foot site in Downtown Jamaica, Queens in August 2018. Additionally, the Sponsor has closed on the purchase of approximately 80,000 square feet of excess air rights from 160-08 Jamaica Avenue - the adjacent property. By combining the as of right FAR from the site and the additional air rights Sponsor intends to construct a 330,000 gross square foot mixed-use development ("Project").
The Project is located in a Qualified Opportunity Zone and will consist of approximately 315 rental units, 21,600 square feet of ground floor and basement retail space, and onsite parking. The 22-story building will have a 7,100 square foot amenity package that includes a 24-hour doorman, on-site gym, laundry, package room, and multiple outdoor public terraces.
The project will be eligible for a 25-year tax abatement under New York's 421A program.