The New York City Housing Development Corporation, the New York City Department of Housing Preservation and Development, Wells Fargo Bank, Wells Fargo Community Investment Holdings and BRP Companies announced on Tuesday, Jan. 27, the closing of $303 million in construction financing for Archer Towers II at 163-25 Archer Ave. in downtown Jamaica.
Archer Towers II will stand 22 stories tall and span 353,000 square feet. When completed, the development will provide 40 housing units for those earning between 40% and 110% of the area median income. This includes 60 units that will be reserved for formerly homeless individuals.
“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,” BRP Companies Managing Director Andy Cohen said. “As our fourth development in the neighborhood, this project reflects our long-term commitment to Jamaica and our belief in its continued momentum, delivering fair, scalable access to quality housing and deepening our role as a partner in the community’s growth.”
Funding for the project is being supported via a comprehensive financing package reflecting strong commitments from the public and private sectors to advance affordable housing in New York City. The financing includes tax-exempt bonds issued by the New York City Housing Development Corporation, a subsidy from the New York City Department of Housing Preservation and Development and Low-Income Housing Tax Credit equity from Wells Fargo, which is also serving as the letter of credit provider.
“Wells Fargo is proud to support the next phase of Archer Towers, which will bring much‑needed affordable homes and meaningful community investment to downtown Jamaica,” Wells Fargo Managing Director Gregory Richards said. “It’s a clear example of how public‑private collaboration can accelerate affordable housing and deliver lasting value to communities.”
The coordinated financing is intended to ensure the long-term viability of the development and to underscore the collaborative investment needed to deliver high-quality, deeply affordable housing at scale.
Housing units at Archer Towers II will range in size from studios to two-bedroom units. Amenities available to residents include a resident lounge, a children’s playroom, gym, a coworking space and 67 on-site residential parking spaces. There will also be a 2,164-square-foot commercial space.
“Archer Towers II will deliver 400 new affordable homes to New Yorkers from a wide range of incomes, including 60 apartments dedicated to formerly homeless households,” New York City Housing Development Corporation President Eric Enderlin said. “HDC is proud to partner on the financing of this development and thanks all our partners for their commitment to bringing more affordable housing and economic opportunities to the downtown Jamaica neighborhood.”
Construction on the project is expected to begin at some point in the first quarter of 2026. It will likely be completed in 2028.
“With the Jamaica, Queens rezoning recently approved by the City Council, unlocking the creation of approximately 12,000 new homes, including 4,000 permanently affordable units, projects like the Archer II are critical to turning that vision into reality. By delivering 400 affordable homes for families at a range of income levels, the Archer II helps kickstart this next chapter of growth in Jamaica and ensures that new development includes housing that New Yorkers at a range of incomes can afford,” New York City Department of Housing Preservation and Development Deputy Commissioner of Development Kim Darga said. “We look forward to continuing this partnership with BRP Companies as we advance deeply-affordable, community-centered housing across the neighborhood.”
