Shorewood Real Estate Group is bringing a new rental tower to Jamaica, Queens, marking the first project to be financed by the company’s Opportunity Zone Fund.
Plans filed with the Department of Buildings on Tuesday envision a 24-story, 315-unit building at 160-05 Archer Avenue, which will also include the adjacent lot at 92-25 160th Street.
Like many of Shorewood’s previous projects in Manhattan, the Jamaica project will include co-working space among its amenities. The building will also offer a game room, yoga room, dog wash, and lounges with views of the city and Jamaica Bay, according to the plan. The development will also come with about 25,00 square feet of ground floor retail space.
The developer, led by S. Lawrence Davis, picked up the two vacant lots last year for about $19 million, at an auction resulting from the business divorce between brothers Nissim and Avraham Kassab. The acquisition was financed with a $24.9 million mortgage from frequent Shorewood partner Vanbarton Group, city records show.
Shorewood is one many NYC real estate players who have recently created funds to cash in on the Opportunity Zone program. The company did not immediately respond to a request for comment.