New Construction Jamaica Multifamily Sale is District’s Largest Since 2007 Rezoning

RIPCO Real Estate closed the sale of 88-56 162nd St. for $18.8 million, marking the largest new construction multifamily building sale in the Special Downtown Jamaica District since its 2007 neighborhood-wide rezoning. Measuring 49,264 square feet, the seven-story building features 51 residences and a fully leased ground-floor community facility space.

RIPCO represented seller Jian Chen of 89th Ave Project LLC. The listing team included Stephen R. Preuss Sr., vice chairman of investment sales, and Kevin Schmitz, VP of investment sales, from RIPCO’s Queens office. The buyers, Steven Kordvani and Jonathan Loloi of Parkview Properties, assumed the seller’s fixed-rate mortgage, originated in 2021.

“Since its neighborhood-wide rezoning in 2007, Jamaica has become a destination for new development, with over 5,000 units delivered to the market,” said Schmitz. “The sale of 88-56 162nd St. for $18.8 million not only represents the largest new construction multifamily transaction in the district since that transformative change but also serves as a testament to how the area has continually evolved into one of the most important and popular economic and residential centers in Queens.”