Investment Overview

139-40 Hillside Avenue offers a fully rezoned, high-density mixed-use development opportunity along the Hillside Avenue corridor in Jamaica, Queens. The 10,500-square-foot lot is zoned C4-4D with MIH applicability, allowing for approximately 75,600 square feet with a potential layouts that create rentable square feet ranging between 85,000 and 95,000 square feet. Zoning allows for the construction of a 14-story mixed use development with optimal unit count between 84 and 99 apartments, supported by ground-floor commercial space. The site’s immediate adjacency to major transit, dense surrounding residential neighborhoods, and ongoing infrastructure investment support strong multifamily fundamentals and durable retail demand. Ground-floor commercial space of up to 10,500 square feet is well positioned for neighborhood-serving uses, including retail, medical office, or service-oriented tenancy. The project benefits from a clear regulatory framework and established incentive structure. The 30% MIH requirement enables eligibility for 485-x tax abatements, City-of-Yes bonuses and potentially city-backed financing programs, materially improving long-term cash flow and downside protection. New construction rentals in similar corridors of Jamaica are commanding strong rents. Apartments are leasing in amenitized buildings with annual market-rate rents of $52/sq for 2-bedrooms and $59 for 1-bedroom units. EXECUTIVE SUMMARY The Jamaica Neighborhood Plan provides indexes for Hillside Ave. as MIH area 3 which provides developers a choice of two MIH options: Option 1: 25% of residential floor area is affordable for tenants at a weighted average = 60% AMI with >= 10% of total residential floor area for tenants at 40% AMI, Option 3: 20% of residential floor area is affordable for tenants at a weighted average = 40% AMI In addition to its core mixed-use thesis, the property offers strategic flexibility. The zoning, scale, and commercial frontage allow for outpatient medical or ambulatory healthcare tenancy as part of the ground-floor program, offering potential access to credit-quality users in a healthcare-constrained submarket without compromising the residential development strategy. The scarcity of similarly entitled, buildable sites of this scale in Jamaica further enhances the opportunity. Many competing parcels are encumbered by existing buildings, fragmented ownership, or outdated zoning. 139-40 Hillside Avenue stands out as a clean, executable development site with multiple viable end-use scenarios.