The Real Deal New York

Jamaica hits a development tipping point

Queens nabe sees waves of new towers rise as developers grab cheaper land
By Rich Bockmann | February 12, 2015 10:30AM

From the February issue: Stakeholders had high hopes for Downtown Jamaica when the city rezoned 368 blocks in 2007. The Queens neighborhood had all the makings of a real-estate hotbed at the time: great transportation, retail infrastructure and cultural institutions. It had been largely left behind as other parts of the city gentrified and prospered, and planners thought the 2007 rezoning would finally provide a springboard to boost the neighborhood’s fortunes. Then came the financial crisis. Southeast Queens became the city’s epicenter for foreclosures, and grand schemes were put on hold. [more]