Cirrus, Resorts World Acquire Jamaica Site for Workforce Housing

A partnership of Cirrus Real Estate Partners and Resorts World New York City has acquired a 1.8-acre development site and parking garage at 92-30 165th St. in Jamaica, Queens for $46.125 million in a transaction brokered by RIPCO Real Estate. The property offers more than 600,000 buildable square feet and represents the first acquisition under the partners’ workforce housing initiative announced in May 2025.

Acquired from the Greater Jamaica Development Corporation, the site is expected to deliver approximately 700 workforce housing residences. The transaction represents the largest development site sale completed in Jamaica since the adoption of the Jamaica Neighborhood Plan.

RIPCO represented the seller. The deal was led by Kevin Schmitz, VP of investment sales, and Stephen R. Preuss Sr., vice chairman of investment sales.

“This transaction brings together a uniquely positioned site, a committed seller, and a development team with a clear vision for addressing one of New York City’s most pressing needs,” said Schmitz. “The creation of approximately 700 workforce housing residences in the heart of Downtown Jamaica represents a meaningful investment in the neighborhood’s future. We were proud to help facilitate a deal that aligns long-term community objectives with transformative new development.”