In a significant transaction, RIPCO Real Estate successfully sold 88-56 162nd St. for $18.8 million, making it the largest sale of a new construction multifamily building in the Special Downtown Jamaica District since its rezoning in 2007. The seven-story property spans over 49,000 square feet and comprises of 51 modern residences and a fully occupied community facility on the ground floor.
The seller was represented by Jian Chen from89th Ave Project LLC with support from Stephen R. Preuss Sr., vice chairman of investment sales, and Kevin Schmitz, VP of investment sales at RIPCO’s Queens office. The buyers were Steven Kordvani and Jonathan Loloi from Parkview Properties who took over the seller’s fixed-rate mortgage.
According to Schmitz,”Jamaica has seen tremendous growth since its rezoning in 2007 with more than5 ,000 units added to its market.” He further stated that this sale not only sets a record for being the largest new construction multifamily deal in this district but also highlights how Jamaica has transformed into one of Queens’ most prominent economic hubs with high demand for residential properties.
