Jamaica on the brink of real estate renaissance

Queens neighborhood expecting major growth in the coming years

New York /
Jun.June 16, 2014 02:55 PM

Jamaica, the south-central Queens neighborhood, is poised to benefit from the delayed effects of zoning rules passed back in 2007. 

Locals had expected to see new growth shortly after the neighborhood was rezoned, but those hopes were dashed when the real estate market collapsed. But now, with the market back on its feet, development is beginning to gather steam.

For instance, a 500-unit apartment building, fresh retail space and a 200-room hotel are all currently rising in Jamaica, thanks to BRP Development, according to the Wall Street Journal.

“I wish we had made more progress since 2007, when the zoning allowed it, but it’s exciting to envisage what can happen,” Carlisle Towery, president of the nonprofit Greater Jamaica Economic Development Corp., told the Journal.

Rising prices in Brooklyn and Long Island City are also benefitting the long-blighted neighborhood. The median sale price in Jamaica was 30 percent below the Queens median of $333,000 between March and May 2014, according to data from Trulia. That level of affordability, the Journal reports, is drawing first-time buyers and investors.

“Jamaica is one of the most affordable neighborhoods in Queens and it has improved quite a lot over the past 20 to 25 years,” Gregory Scotidas, a broker in the area, told the Journal. [WSJ]Christopher Cameron 


Related Articles

arrow_forward_ios
S. Lawrence Davis and 160-05 Archer Avenue (Google Maps)

Shorewood scores $88M construction loan for first Opportunity Zone project

Shorewood scores $88M construction loan for first Opportunity Zone project
Joseph Chetrit and 88-20 153rd Street (Credit: Getty Images, Google Maps)

Chetrit plans fifth apartment building at Jamaica hospital site

Chetrit plans fifth apartment building at Jamaica hospital site
147-07 94th Avenue in Jamaica and Pheonix Realty Group president Keith Rosenthal (Credit: Google Maps)

Phoenix Realty, Artimus snag $181M loan for Jamaica resi project

Phoenix Realty, Artimus snag $181M loan for Jamaica resi project
Joseph Chetrit and a rendering of 150-13 89th Avenue (Credit: Getty Images)

Chetrit nabs $200M refi for huge Jamaica project

Chetrit nabs $200M refi for huge Jamaica project
Jamaica is getting another resi development

Jamaica is getting another resi development

Jamaica is getting another resi development
Jamaica resi project lands $67M in loans

Jamaica resi project lands $67M in loans

Jamaica resi project lands $67M in loans
New 151-key Hilton hotel coming to Jamaica

New 151-key Hilton hotel coming to Jamaica

New 151-key Hilton hotel coming to Jamaica
Mattone puts Jamaica retail complex on the market for $175M

Mattone puts Jamaica retail complex on the market for $175M

Mattone puts Jamaica retail complex on the market for $175M
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...