2026 Developing Queens: Jamaica Development Assemblage
Queens, NY The Mastronardi family has operated a concrete business on a 55,079 s/f lot in Jamaica for over half a century. Last November, the zoning changed. The New York City Council approved the Jamaica Neighborhood Plan, a rezoning of nearly 230 blocks in and around Jamaica Center, described as the largest Mandatory Inclusionary Housing zone in New York City to date. The plan is projected to create nearly 12,000 new homes, roughly 4,000 of which would be permanently affordable, along with two million s/f of commercial space, more than 7,000 jobs, and $400 million in infrastructure upgrades. It is widely considered the largest neighborhood rezoning effort in over twenty years.
The Mastronardi site, located at 148-08 94th Ave., sits directly at the center of that rezoning. It received C6-4 zoning, the highest density designation within the entire plan, unlocking 660,948 buildable s/f at a 12.0 FAR under the Mandatory Inclusionary Housing framework. With that designation in place, the family has retained Matthews to market the assemblage for sale or ground lease.
The site spans a 55,079 s/f lot with dual frontage along 94th Ave. (225 ft.) and 95th Ave. (324 ft.), and will be delivered fully vacant. Its 324-by-200-ft. footprint gives developers meaningful flexibility in massing and floor plate design. Comparable sales in Jamaica are currently tracking between $75 and $85 per buildable s/f, implying a valuation in the range of $50 to $56 million for an outright sale. The family is also considering ground lease offers, with base rent guidance around $5 per buildable s/f, a structure that may appeal to affordable housing developers or nonprofits looking to reduce upfront land costs.
Matthews Real Estate is targeting institutional and private rental developers, affordable housing specialists, and nonprofits with the scale and track record to execute a development of this size. DJ Johnston, Executive Vice President at Matthews, said that the Mastronardi family views the redevelopment as consistent with Jamaica’s broader direction. “They’ve been part of this community for decades,” Johnston said. “They’re looking forward to their property being a meaningful part of what comes next.”
The public investment backstopping that thesis is substantial. The rezoning secured $413 million in community investments for Jamaica, including funding for water and sewer infrastructure, parks, open space, transportation, public health, and educational institutions. That includes a $78 million investment to renovate Jamaica Ave. between Sutphin Blvd. and 168th Pl., and $315 million committed to upgrading the area’s sewer infrastructure over the coming decades. JFK Airport’s ongoing terminal reconstruction continues to strengthen the long-term demand profile of the entire corridor, with new gates in Terminals 1 and 6 expected to open as early as this year.
The site’s transit access is a core part of its appeal. A five-minute walk from the property puts you at Jamaica Station, one of the busiest transit hubs in the outer boroughs, connecting to the E, J, and Z subway lines, ten of the eleven Long Island Rail Road branches, and the JFK AirTrain, which carried nearly 25 million passengers in 2024. Manhattan is approximately 41 minutes by train and JFK Airport is 13 minutes.
For developers evaluating the Jamaica market, the fundamentals are hard to argue with. The Queens rental vacancy rate sits below 1%, and more than half of Jamaica’s renter households are classified as rent-burdened. At nearly 660,000 buildable s/f with the highest density designation in a freshly approved neighborhood plan, sites of this scale and certainty are increasingly difficult to find anywhere in the five boroughs.
For more information, contact DJ Johnston at [email protected], Bobby Lawrence at [email protected], or Eli Roerden at [email protected].
Project Info
Project Title: Jamaica Development Assemblage
Project Location: Jamaica, Queens
Project Type: Affordable Housing Development Site
Property Type: New
Number SF: 660,948 ZFA (Zoning Floor Area)
Project Team
Broker: Matthews Real Estate