Cirrus WFHA Funding and Resorts World NYC acquire Jamaica 1.8 acre development site for $46.125 million

Queens, NY Cirrus WFHA Funding LLC, an affiliate of Cirrus Real Estate Partners acting in partnership with Resorts World New York City, has acquired the 1.8-acre development site and parking garage at 92-30 165^th St. in Jamaica for $46.125 million in a transaction brokered by RIPCO Real Estate. The property offers more than 600,000 buildable s/f and represents the first acquisition under the partners’ workforce housing initiative.

Acquired from the Greater Jamaica Development Corp. (Jamaica First Parking LLC), the site is expected to deliver 700 workforce housing residences and marks the first acquisition under the workforce housing initiative announced by Resorts World and Cirrus Real Estate Partners in 2025. The transaction also represents the largest development site sale completed in Jamaica since the adoption of the Jamaica Neighborhood Plan, underscoring the neighborhood’s emergence as one of New York City’s most active development markets.

“The acquisition of this property demonstrates our commitment to transforming well-located sites into high-quality workforce housing that creates lasting value for communities,” said Joseph McDonnell, managing partner of Cirrus Real Estate Partners. “As the first project under our workforce housing initiative with Resorts World, this development will set the tone for what we hope to achieve across New York City: creating attainable housing in transit-oriented locations while supporting long-term neighborhood growth and economic opportunity.”

RIPCO represented the seller in the transaction. The deal was led by Kevin Schmitz, vice president of investment sales, and Stephen 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 Kevin Schmitz, vice president of investment sales at RIPCO Real Estate. “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.”

“For decades, Greater Jamaica Development Corporation has worked to create opportunities that strengthen Downtown Jamaica and support the people who live and work here,” said Justin Rodgers, president & CEO of Greater Jamaica Development Corporation. “The redevelopment of the underutilized parking garage to a mixed use development will provide crucial workforce housing and bolster Jamaica’s resurgence and growth. Thanks to Resorts World NYC and Cirrus for their commitment to the future of our community.”

In May 2025, Resorts World and Cirrus Real Estate Partners announced a joint initiative to develop up to 50,000 units of workforce housing across New York City’s five boroughs, built entirely with union labor. The commitment was a cornerstone of Resorts World’s successful bid for one of three downstate casino licenses awarded by the State Gaming Commission in December 2025. The acquisition of 92-30 165^th St. is the first transaction completed under that initiative.

Located at the center of Downtown Jamaica, the site is steps from Jamaica Ave.’s commercial corridor and within walking distance of Jamaica Station, one of the region’s most important transit hubs. The property falls within the Jamaica Neighborhood Plan, a transformative rezoning initiative expected to deliver 12,000 new homes across 230 blocks while establishing the largest Mandatory Inclusionary Housing area in New York City history.

“From the start of the negotiation process over its planned expansion, Resorts World pledged to build even further upon its existing reputation as a good neighbor to South Queens. With this announcement of 700 new units of much-needed, high-quality housing in the heart of Jamaica, Resorts World continues to do exactly that,” said Queens Borough president Donovan Richards Jr. “I’m deeply grateful to the teams at Resorts World and Cirrus for their effort to be a part of the solution to our city’s unprecedented housing crisis, and I look forward to the countless other community benefits and economic opportunities that the Resorts World expansion project will deliver for Queens families.”

“Expanding workforce housing requires bold partnerships and a willingness to invest in the future of our communities. The purchase of this first property by the Resorts World–Cirrus partnership represents a significant milestone in creating housing options that working New Yorkers can actually afford. By bringing together private investment, community commitment, and a focus on long-term affordability, this initiative has the potential to make a lasting impact for families throughout Queens. I applaud everyone involved and look forward to supporting efforts that help turn this vision into reality,” said. New York state senator Leroy Comrie.

“Today marks an incredible start of a partnership that will help solve one of New York’s most intractable problems, how to make housing affordable for the people who make our city run,” said Kevin Jones, chief legal and chief strategy officer, Genting Americas. “Workforce housing is a top concern of New Yorkers from all walks of life — that’s why we committed to working with Cirrus to develop 50,000 units not just adjacent to our facility, but all over the city.”