Meredith Marshall and Geoff Flournoy

A little over a decade ago, BRP Companies completed The Garvey, a 78-unit apartment building on Fulton Street in Bedford-Stuyvesant, Brooklyn, subsidized by federal low-income housing tax credits.

The following year, 105 units came online just a few doors down at The Bradford, pioneering a combination of federal new markets tax credits and financing from New York City’s Housing Development Corporation (HDC).

BRP has since become a frequent collaborator with HDC, and at least five BRP projects have won Community Impact Awards from the nonprofit New York Housing Conference. The company has also had a long-running partnership with Goldman Sachs, which most recently provided $290 million in construction financing for the 605-unit Archer Towers in Jamaica, Queens.

The company currently has a pipeline of more than 1,200 units under construction in that Queens neighborhood, plus more on the way in the suburban towns of New Rochelle and Brookhaven, N.Y.

Meredith Marshall, who founded BRP with Geoff Flournoy, wants to help dig the region out of its housing crisis, and that means helping New York Mayor Eric Adams reach his “moonshot” goal of building 500,000 units of housing over the next 10 years, Marshall said. “It’s good news that people want to be here. We’re getting the hard part right,” Marshall said. “But, politically, nobody wants construction.”

Marshall said state lawmakers were misguided in allowing the state tax abatement known as 421a to expire two years ago.

“A lot of people thought the old 421a was a giveaway to developers,” Marshall said. “It’s not a giveaway if the return on cost for a development is 5 percent. If it drops to 4 percent, nothing is going to get built.”

That’s why Marshall believes a lot hinges on the success or failure of 421a’s replacement, dubbed 485-x. In BRP’s case, “we have some projects that still need a tax abatement to work,” Marshall said. “We’re just waiting for the proper closings to happen to generate subsidy.”

In the meantime, he said the firm is looking elsewhere — New Jersey, Westchester County and Long Island. BRP even has its eye on possible acquisitions in Atlanta and Washington, D.C., Marshall said.