2026 Developing Queens: The Sutphin Hillside Towers at Jamaica Station
Queens, NY Asset CRG Advisors brokered one of the largest Opportunity Zone development sales in the country — a transformative site in the heart of downtown Jamaica. Managing partners Yuriy Ustoyev and Sadya Liberow represented both buyer and seller in the $59.7 million transaction, achieving $83 per buildable s/f on a combined lot area of roughly 60,138 s/f, with up to 720,000 s/f of zoning floor area available for development. Identifying and executing a transaction of this scale required deep relationships with the ownership and a granular understanding of downtown Jamaica’s zoning, incentive, and development landscape.
The site — spanning 94-01 Sutphin Blvd. and the adjacent 147-35 95th Ave. parcel — sits directly across from the Jamaica Transit Hub, with immediate access to the Long Island Rail Road, the AirTrain to JFK Airport, the E, J, and Z subway lines at Sutphin Blvd. – Archer Ave., and major MTA bus routes. That convergence of regional and citywide transit makes the property one of the most connected development sites in New York City, with a roughly 30-minute commute to Midtown Manhattan and a direct rail link to JFK. As a federally designated Qualified Opportunity Zone, the site also offered substantial tax benefits to investors, helping unlock the institutional-scale capital required to underwrite a project of this size.
The site has since delivered over 1,000 residential units across two new towers totaling roughly 720,000 s/f of mixed-use space — a 25-story building at 147-35 95th Ave. with 521 rental residences, and a companion 24-story tower at 94-15 Sutphin Blvd. with 524 units, including an income-restricted affordable component. Both towers feature ground-floor retail and a full slate of resident amenities, and together they introduce a bold new piece of skyline to a neighborhood undergoing rapid revitalization. The surrounding blocks have seen a wave of new investment over the past several years, with national retail tenants, hotel projects, and additional multifamily developments all clustering around the Jamaica Transit Hub corridor.
For Asset CRG Advisors, the transaction reflects the firm’s core specialty: identifying, assembling, and executing complex development sites in the outer boroughs. Managing partners Ustoyev and Liberow lead the firm, with a particular focus on development sites, assemblages, air-rights transfers, mixed-use assets with retail-grade components, and value-add free-market multifamily across Queens, Brooklyn, Manhattan, and the Bronx. The team’s multifaceted approach combines proprietary off-market sourcing with detailed zoning, FAR, and incentive analysis, supported by a targeted marketing strategy that expands exposure and connects each opportunity with qualified buyers.
With a track record of more than $350 million in closed transactions and roughly 3.5 million s/f sold, Asset CRG has built its reputation precisely on deals like this one. The Downtown Jamaica transaction, along with multiple properties sold, underscores the depth of that relationship network and the firm’s ability to bring sophisticated buyers and sellers together on transactions that reshape entire neighborhoods.
Project Info
Project Title: The Sutphin Hillside Towers at Jamaica Station
Project Location: 4-15 Sutphin Blvd. & 147-35 95th Ave., Jamaica
Project Type: Multi-Housing, mixed-use residential with ground-floor retail
Property Type: New construction
Number SF: 720,000
Completion Date: Hillside Tower, 2024; 94-15 Sutphin, 2025