Site is an opportunity zone
Shorewood Real Estate Group has acquired 160-05 Archer Avenue and 92-25 160th Street from the Kassab brothers for $20 million, the Daily Beat has learned. The residential development site is located in Jamaica, Queens.
Dig Deeper: Shorewood plans to build a 215,000 square-foot mixed-use property with around 300 apartments (mix of affordable and free market). The site benefits from being in an ‘Inclusionary Housing Designated Area’, which provides up to a 33 percent bump in FAR.
The hot new thing: This is Shorewood’s first deal for their “opportunity zone fund”. We explored how the loophole works earlier this week.
Shorewood’s Larry Davis emails the Daily Beat… “The Jamaica acquisition fulfills all of our investment criteria. It is a large scale mixed-use development site located steps from major public transportation hubs within a vibrant and rapidly growing submarket.”