Overview
RIPCO REAL ESTATE has been retained on an exclusive basis to arrange for the sale of 177-14 WEXFORD TERRACE — in Jamaica Estates, NY (the “Property”).
The Property is a mixed-use building built in 2020, featuring 38 apartments in a well-balanced unit mix of 23 one-bedrooms, 6 two-bedrooms, 2 three-bedrooms, and 8 four-bedroom units. The ground floor is leased to Active Care, Inc., a Social Adult Day Care, with potential for expansion into the legal lower level by the current or future tenant. The building benefits from a 35-Year Affordable New York tax abatement that began in 2020/2021 and expires in 2054/2055. Under the program, 12 apartments were leased through the HPD lottery process. Additionally, 10 apartments (~25% of the units) are free market, having been leased above the rent stabilization threshold at initial occupancy.
The 179th Street F subway station is a 3-minute walk, providing direct access to Midtown Manhattan in under 45 minutes. The site also benefits from proximity to JFK Airport and Downtown Jamaica, strengthening connectivity. This transit-oriented, supply-constrained pocket of Queens continues to see strong tenant demand and consistent rent growth.
For additional information or to schedule a property inspection, please get in touch with the exclusive brokers.
Investment Highlights
- 35-Year Tax Abatement (through 2055) - Substantial long-term property tax savings under the Affordable New York program.
- Strong Unit Mix with Free Market Upside - 39-units with a balanced mix of one-to-four bedroom layouts. ~25% of the units are free market, providing long-term growth potential.
- Prime Jamaica Estates Location - Directly across from Mary Louis Academy and near St. John’s University, offering built-in demand drivers. Quiet, residential block with strong neighborhood fundamentals.
- Exceptional Transit Access - The 179th Street subway entrance is around the corner on Hillside Avenue / 178th Street with direct access to Midtown Manhattan in under 35 minutes.
- Modern Construction with Stable Tenancy - Newly built in 2020 with quality construction and modern layouts. Community facility leased to Active Care, Inc (Adult Day Care) with potential expansion into the lower level.
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