Bluestone Jamaica Development, Queens
Bluestone Jamaica is a mixed-income, mixed-use residential development in Downtown Jamaica, Queens.
UIG has committed approximately $23 million of the total $32 million development costs including a $17 million standby letter of credit in favor of the New York City Housing Development Corporation and a $6 million LIHTC equity investment in the project
The project will include the construction of two 9-story residential towers and include retail, commercial and parking: 101 rental apartments, 3 of which will be affordable to households earning up to 40% of Area Median Income (“AMI”), 17 of which will be affordable to households earning up to 50% AMI, 37 of which will be affordable to households earning up to 90% of AMI, 43 of which will be affordable to households earning up to 130% AMI and 1 superintendent’s unit
Bluestone Jamaica is part of a larger effort by the New York City Economic Development Corporation and the Greater Jamaica Development Corporation, among others, to revitalize the Downtown Jamaica neighborhood of Queens as a vibrant, transit-oriented community following a major rezoning of the area in 2007
Consistent with UIG’s commitment to creating public-private partnerships to help revitalize transitioning urban communities, Bluestone Jamaica is the result of close collaboration with two of New York City’s major housing agency’s and a leading for-profit affordable housing developer in Queens.